By Dhirendra Tripathi

Investing.com – Shares of crypto- and blockchain-linked companies rose Friday as ()Many other digital currencies also saw double-digit increases.

Marathon Digital, Bit Digital and Hut 8 Mining were up about 7%. MicroStrategy (NASDAQ :), the most prominent Bitcoin investor among listed companies, rose by 6% and Riot Blockchain NASDAQ : gained 5%. Crypto-exchange Coinbase Global (NASDAQ) saw a 2.6% increase, while ADRs for Argo Blockchain (NASDAQ) increased 4%

These moves occurred as Bitcoin rose 12% to $48,000. Although it lost some gains, the price traded higher at 9% above $47,000.  

Other digital currencies like , Binance , Polkadot , Solana and Terra all traded with double-digit gains.

Joseph Edwards from Enigma Securities, London was the head of research and said that crypto derivatives trading spikes may be responsible for crypto asset strength. Derivatives trading often influences spot prices in bitcoin markets.

The resilience of cryptocurrencies in recent times has surprised pundits and they ignore adverse policies by other countries. Just over a week ago, People’s Bank of China reiterated its long-held view that all digital currency activities are illegal while pledging to crack down on the market.

It wasn’t the first time China talked tough on cryptocurrencies. China had already cracked down earlier this month on cryptocurrency mining, causing many sites to close. China was responsible for over half the global Bitcoin mining output before that.