Bitcoin hits $15,500 as post-election rally loses some steam

Continuing its slow progress toward $16,000.
Image: Luke MacGregor/Bloomberg

Bitcoin extended recent gains in Friday trading, continuing its slow progress toward $16,000 after joining a slew of assets from oil to Asian stocks that rallied in the wake of the US election.

While the token’s weekly advance is starting to look parabolic at 14%, on Friday the move roughly matched its daily average for the past month of about 2%. That’s less than half of the swings notched in the depths of pandemic in March, and well below the average 30-day volatility the digital asset has displayed in more than a decade of trading.

The gains took Bitcoin above $15,500 for the first time since early 2018, though by 6:29 a.m. in New York it was at $15,465.88.

To bulls, the steady gain is adding to the perception that the biggest digital token is gaining more mainstream credibility.

Recent institutional endorsements include Square and investors like Paul Tudor Jones, while massive central bank easing has added to the backlash over the established monetary order.

© 2020 Bloomberg

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