bitcoin: Bitcoin tops $67,000 to reach highest level since July

Bitcoin surpassed $67,000 for the first time since July as a rally in US stocks helped to renew optimism for riskier assets such as cryptocurrencies.

“Sentiment jumped sharply to ‘greed,”’ analysts at FxPro wrote in a note Tuesday.

The largest cryptocurrency gained as much as 2.45% to $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,” said Chris Newhouse, director of research at Cumberland Labs.

The largest cryptocurrency gained as much as 3% to $67,878 before erasing the increase to trade little changed at about $65,790.

The original cryptocurrency had moved less than 5% for 34 straight sessions through Thursday, which was on par with the longest such streak of calm in a year, according to data compiled by Bloomberg. The doldrums in price movement has disappointed many in the crypto community since the asset class has historically performed well in October, earning the nickname “Uptober.”