Bitcoin rose above $10,000 for the first time in more than six weeks amid the global rally in risk assets.
The digital token spiked around 6 a.m. New York time on Sunday, rising as high as $10,169, according to pricing compiled by Bloomberg. The gains quickly fizzled, initially, then the coin rallied again later, climbing 4.7% to $10,357 as of 10:11 a.m. in New York.
Bitcoin, which crypto fans have often touted as "digital gold," is in favor as the yellow metal nears record levels, concerns rise about the health of the world economy and the dollar falls. Also, last week, the U.S. Office of the Comptroller of the Currency said American banks can provide custody services for customers’ crypto assets, which could help boost the asset class’s appeal with some investors.