Bitcoin: Bitcoin’s ‘incredible rally’ spurs biggest weekly gain in months

While financial markets fixated on Washington’s debt-ceiling scrimmage this week, Bitcoin quietly rose enough to put it on pace for its best week in months.

The world’s largest digital asset, overcoming a slew of potentially negative factors that had dogged it earlier this year, is up about 10% over the past five sessions. That gain puts it on track for its best week since the start of August and pads its year-to-date advance to 87%. It rose about 0.6% to $54,526 as of 2:26 p.m. in New York.

“It actually is pretty amazing how well it’s done,” JJ Kinahan, chief market strategist at TD Ameritrade, said by phone. “Just a few weeks ago we had what looked like really bad news out of China that had the possibility to upset the apple cart — and for a couple of days it kind of did. But it’s quickly recovered and continued this incredible rally.”

Meanwhile, Shiba Inu, a cryptocurrency started just last year, did retreat a bit after soaring in…

Read more…