Bitcoin stays steady in Friday trading after Thursday's jump

Leading crypto briefly breaks $7,000 once again


Bitcoin (BTC) has held relatively firm in Friday trading, falling 1 per cent, having jumped 15 per cent the day before.

By mid-afternoon (GMT) the world’s leading cryptocurrency stands at $6,766, down from a high of $7,025 and from Friday’s opening of $6,807.

With the $7,000 mark being breached for two days in a row after three languishing weeks, traders will increasingly hope that the worst of the Covid-19 market sell-off is over.

Along more traditional safe-havens such as gold, Bitcoin suffered in the immediate market panic triggered by the ongoing coronavirus pandemic, nearly halving in value as investors used what liquid assets they had to cover losses incurred elsewhere and to meet margin calls.

With central banks, led by the Fed, slashing interest rates to record lows, resuming unlimited quantitative easing and injecting ungodly amounts to bolster their ravaged economies, individuals and institutions alike have slowly become interested in the assets they offloaded only weeks beforehand.

An indication of this revived interest can be found in the fact that Bitcoin futures listed on the Chicago Mercantile Exchange (CME) have witnessed a not insubstantial jump. According to the research firm Skew, on Thursday CME traded $347m (£284m, €321m) worth of BTC futures contracts, the highest rate since March 16, before the sell-off.

With such re-emerging interest and the Bitcoin "halving" imminent, the crypto could soon shrug off the effect of the pandemic, which is set to ravage the global economy for the foreseeable future.

FURTHER READING: Max Keiser: 'Once people realise they can’t get gold they’ll flock into Bitcoin'

FURTHER READING: US box office takings fall from $200m to $5k at end of March

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