Bitcoin rallies back as tech rebound sparks speculative appetite

Bitcoin climbed alongside technology stocks as a revival in risk appetite spread to cryptocurrencies, lifting the token out of a bout of listless trading and offering another sign of resurgent speculative fervour across global markets.

The original digital asset rose as much as 2.4% to $84,737 as a rally sparked by SpaceX earnings helped reignite enthusiasm for riskier assets, even as questions lingered over the sustainability of the artificial intelligence boom.

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Also helping sentiment: the Office of the Comptroller of the Currency unveiled a final measure for payment stablecoin issuers, in latest sign pro-industry development.

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The latest uptick has been in part driven by a rebuilding of leverage via perpetual futures. Open interest, or the total outstanding number of the futures contracts, has been rising again after weeks of deleveraging, according to data compiled by Coinglass.