Historic record for Bitcoin

The risk of a federal government shutdown in the US has pushed the price of Bitcoin above 125,500 dollars, marking a historic record. According to Coinmarketcap data, the global cryptocurrency market reached 4 trillion 260 billion dollars with a 1.5% increase in the last 24 hours.

Concerns over the government shutdown in the US on October 1 increased Bitcoin's value by over 2.5%, bringing it to 125,559 dollars. This increase surpassed the record of 124,480 dollars that Bitcoin recorded on August 14. Friendly regulations during the Donald Trump administration and demand from institutional investors were influential in this rise.

Increases in US stocks and renewed inflows into Bitcoin-linked exchange-traded funds also supported this rise. As of 09:15 TRT, Bitcoin was trading at 125,149 dollars, with a weekly gain of approximately 15%. Ethereum also rose by 1.1% to 4,570 dollars.

The government shut down on October 1 due to a budget dispute between Democrats and Republicans in the US. This situation led to the Bureau of Labor Statistics being unable to publish unemployment benefit claims and non-farm payroll data.

INTERRUPTION OF FED DATA

Analysts stated that uncertainty regarding interest rate cuts has increased due to the interruption of important economic data from the US Federal Reserve (Fed). The government shutdown caused the US dollar and bonds to lose value. Economic uncertainties have directed investors toward safe-haven assets.

GOLD'S RISE CONTINUES

Geopolitical risks and the Fed's interest rate cuts have led to gold gaining value. Developments in the Middle East and Ukraine, the decline in confidence in US financial stability, and the Fed's interest rate cut supported the ounce price of gold. Analysts stated that concerns regarding US debt have weakened confidence in the dollar.

News Source: 12punto