Bitcoin surges 15% to $8,574 in bounce back from lowest in five months

Cryptocurrencies may also get a boost after China's state-owned news agency Xinhua reported the country plans to speed up development of blockchain technology and industry

Bitcoin surged 15 per cent, recovering from its lowest levels since May, amid a general risk-on rally in financial markets.

As is usually the case in cryptocurrencies, traders cited a bevy of reasons, from speculation that prices were being pumped ahead of the expiration of some weekly call options to the arbitrage of prices between various exchanges.

“This positive sentiment, along with a good buying opportunity at the key $7,500 support level, has led to there being more buyers than sellers -- which, at the end of the day, always leads to markets going higher,” said Jeff Dorman, chief investment