Bitcoin's value reaches historic high

At the beginning of October, Bitcoin rose to 126 thousand dollars, attracting the interest of investors seeking a safe haven due to global economic uncertainties and the US government shutdown. This development allowed the cryptocurrency to reach its highest level to date.

The government shutdown in the US caused many federal operations to halt and led to the postponement of important data releases, such as the September employment report. This situation prompted investors to turn toward alternative assets like Bitcoin.

Furthermore, the expectation that the US Federal Reserve (FED) will further lower interest rates has created a positive atmosphere in the markets. Markets have largely priced in the possibility of a quarter-point rate cut this month and another cut in December. These developments were supported by strong inflows into US-listed spot Bitcoin ETFs, with a total of 3.25 billion dollars in net inflows recorded last week.

Currently, Bitcoin is trading at the 123 thousand 724 dollar level and continues to attract investor interest.

News Source: 12punto