Bitcoin (BTC) traded higher on Wednesday as upbeat China manufacturing data alleviated global growth concerns and improved risk appetite in global financial markets.

The positive news out of China, the world's factory and largest trading partner of the U.S. and Germany, pushed the U.S. dollar lower against major currencies, lifting risk assets like bitcoin and stocks higher.

The leading cryptocurrency by market value jumped 4% from $23,000 to nearly $24,000 before pulling back slightly to $23,700, according to coinDesk data. The dollar index, which tracks the greenback's value against majors, fell 0.5% to 104.36.

(By Omkar Godbole)

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