Bitcoin's (BTC) price jumped the most in two weeks Monday, surging alongside U.S. stocks amid speculation the Federal Reserve and other central banks will support markets as the coronavirus spreads.

The largest cryptocurrency by market value rose 4.1 percent to $8,874 as of 17:53 UTC (12:53 p.m. ET). The move followed last week’s 14 percent sell-off, the harshest in three months.

Despite a belief among some investors that bitcoin should trade as a safe-haven asset akin to gold or U.S. Treasury bonds, the cryptocurrency had tumbled recently along with riskier assets like stocks. The sell-off reversed as global authorities, including the Fed, Bank of Japan, International Monetary Fund and World Bank, pledged to act if needed to help offset any lasting economic damage from widespread travel cancellations, quarantines and factory disruptions.

“Investors are dipping their toes back in the water after last week [when] they jumped out of the pool,” said John Todaro, director of currency research at the crypto-focused firm TradeBlock in New York. “This easy monetary policy across central banks should continue to support markets in general, especially in risk-on areas like equity markets, and that should bleed into other asset classes like digital currencies, including bitcoin.”

Fed Chair Jerome Powell said Friday in a statement the central bank would “use our tools and act as appropriate to support the economy.”

https://www.coindesk.com/bitcoin-rebounds-as-coronavirus-infected-stocks-get-jolt-from-fed-boj