Bitcoin surged past $67,000 for the first time since July, boosted by a rally in U.S. stocks that renewed investor optimism for riskier assets like cryptocurrencies.
“Sentiment jumped sharply to ‘greed’, ” analysts at FxPro was quoted as saying by Bloomberg.
The leading cryptocurrency rose by as much as 2.45 per cent, reaching $67,520 as of 9:58 a.m. in New York.
“The confluence of factors ranging from markets to politics has created a potent mix of short squeezes, speculative positioning, and fresh capital inflows, driving Bitcoin to these new local highs not seen since July,” Chris Newhouse, director of research at Cumberland Labs, was quoted as saying by Bloomberg.
The leading cryptocurrency surged by up to 3%, reaching $67,878, before pulling back and stabilizing around $65,790. For 34 consecutive sessions through Thursday, it had fluctuated by less than 5%, matching the longest period of relative calm in a year, according to Bloomberg data. This lack of volatility has frustrated many in the crypto community, as the asset has historically performed strongly in October, earning the nickname “Uptober.”
(With inputs from Bloomberg)