Market Wrap: Bitcoin Notches Biggest Gain in 6 Months as Price Soars

BTC’s 10% increase outpaced ETH’s 4.5% climb, which is an aberration, given ETH’s outperformance since July. Most risky assets were higher on the day, as traders appear to be shrugging off Federal Reserve Chairman Jerome Powell’s hawkish comments on inflation. Bitcoin’s outperformance relative to other risky assets on Friday, however, implies that traders see BTC’s recent sell-off as overdone.