What’s up with Bitcoin?

That seems to be question on the minds of most casual observers of the biggest digital token after it suddenly surged as much as 12 percent Tuesday. The move accelerated as the cryptocurrency pushed past the $7,000 price level for the first time in more than a month.

Bitcoin last traded above $7,000 on June 8, before getting caught in a sector wide sell-off that wiped out about $42 billion over the following weekend. Some observers pinned that retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.