The price of bitcoin climbed over $51,000 on Friday, reaching its highest level since the middle of May.
Investors say bitcoin’s movement coincided with hundreds of millions of dollars in options expiries on Friday. They also pointed to Fed Chair Jerome Powell’s dovish Jackson Hole, Wyoming, speech, suggesting that bitcoin is seeing a catch-up trade as most other assets reacted at the time except for bitcoin.
On Friday, bitcoin rose as high as $51,026.24 at one point, hitting its highest level since May 14, according to Coin Metrics. It broke past $50,000 two weeks ago and has traded slightly below that line since, but analysts have said it still has room to run.