India, Aug. 21 -- Bitcoin was on track to gain around 20% this week as of early Friday. The world's largest cryptocurrency has jumped sharply after several positive developments around the crypto market.

Bitcoin was last trading at $75,343.01, compared with $62,836.88 at the start of the week. This shows how quickly the cryptocurrency has bounced back in just a few days, according to CNBC. The rise was not limited to Bitcoin. On Thursday, Coinbase shares rose 7.5%, while Circle gained 6.45%. Strategy, one of the biggest corporate holders of Bitcoin, climbed 7.8%.

The ProShares Bitcoin Strategy ETF was up 5.5% in premarket trading, showing that investors were also buying into Bitcoin-related financial products. The Bitcoin rally began on...