While stocks are headed lower across the world, Bitcoin headed higher.

The cryptocurrency even breached the $7,500 level at one point , which it hadn't touched since August 2018.

With no major news factors behind the aggressive appreciation, the sharp $1000 jump over the weekend remains a mystery to investors. Although such explosive moves are nothing new in the volatile world of cryptocurrency, there is the coincidental view that the rally in Bitcoin has come around the same time as heightened US-China trade tensions have eroded risk sentiment," said Lukman Otunuga, research analyst at FXTM.

Still, it was too early to tell whether Bitcoin had re-established itself as a safe-haven asset, Otunuga cautioned.

Bitcoin is up more than 90% this year , according to Refinitiv.

Read more about whether Bitcoin Is the new buy and hold asset.