The cryptocurrency market continued demonstrating sluggish fluctuations, making traders and hodlers feeling down, until bitcoin suddenly jumped up to $8,000 within an hour.

Bitcoin traded below $7000, when in the middle of the day, at about 13.30 GMT, its rate skyrocketed by almost $1000 within an hour and approached $8,000, surpassing it on certain crypto exchanges. Following bitcoin, the entire cryptocurrency market rushed to be coloured in positive mood. Ethereum added 8% to $458, Ripple went up by 13% and exceeded $0.56. In the "red zone" there were only two cryptocurrencies, and those not from the top-20 by capitalization, ReddCoin and Bitcoin Diamond.

This jump in the bitcoin price was completely unexpected for the market participants. There were put three theories as an explanation for the bull run of the first cryptocurrency.

According to the first assumption, the growth of the bitcoin rate was promoted by the mass entry of Muslim traders on the cryptocurrency market. In 2018, the International Islamic Fiqh Academy in Jeddah, after internal discussions, promised to discuss during one of its official sessions whether bitcoin corresponds to Shariah principles or not. This academy is considered the supreme body in Islamic law, whose opinion is listened by religious leaders of all Muslim countries.

The attitude of religious figures in the Islam world to cryptocurrencies is ambiguous. In Egypt and Turkey, bitcoin and other cryptocurrencies are declared not compliant with the Shariah law. The central banks of Saudi Arabia and the United Arab Emirates warned their citizens about the risks of investing in crypto, but did not impose direct bans. In other countries, this issue has not yet been resolved.

The decision on whether this or that asset corresponds to Shariah is accepted after a long, practically scientific study. On 10 April, Mufti Muhammad Abu Bakar, an adviser on Islamic affairs to the Jakarta-based company Blossom Finance, published a report according to which bitcoin, due to the fact that it is recognized as a legal payment method in Germany, the United States and Great Britain, should be considered money in accordance with Islamic law.

"In Germany, Bitcoin is recognized as a legal currency and therefore qualifies as Islamic money in Germany. In countries such as the US, Bitcoin lacks official legal monetary status but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money."

Only about 20-30% of banks in the Persian Gulf and South-East Asia follow Islamic principles; many Muslims adhere to ordinary banking services if they offer higher returns or are more convenient. But the issue of religious permissibility is influential and could determine whether Islamic funds and institutions, which are formally committed to the principles of Islamic law, deal in cryptocurrencies, Al-Jazeera reports. And this means that multi-billion dollar institutions from the Islamic world might begin entring the cryptocurrency market.

According to another version, bitcoin was fueled by the previously announced plans of funds, founded by legendary American investors George Soros and the Rockefeller family, which reportedly decided to invest in the cryptocurrency market. Thus, Venrock, venture fund of the Rockefeller family, signed an agreement with the Brooklyn-based investment fund Coinfund, while Adam Fisher, investment manager in Soros Fund Management, received permission from the tycoon for a new type of investment activity.

The third version, explaining the growth rate of bitcoin, was the most prosaic. According to skeptical market participants, today's jump is the result of usual manipulations of the bitcoin price and pump-and-dump schemes.

There is also a fourth version, a comic one. The bitcoin rate grew due to the celebration of the Day of Cosmonautics. Like Russian astronaut Yury Gagarin 57 years ago, bitcoin went to space. Three, two, one, ignition, liftoff!