Bitcoin Nears Record High Amid U.S. Government Shutdown

NEW YORK, NY – Major cryptocurrencies ended the week positively, with Bitcoin inching closer to its record high of just over $124,000. As of October 3, Bitcoin was trading at approximately $123,874 after rising roughly 12% throughout the week.

The surge comes amid the U.S. government’s partial shutdown, which started on October 1 due to a failure in Congress to reach a budget agreement. Investors have turned to Bitcoin as a safe-haven asset during this period of political uncertainty. ‘The shutdown matters this time around,’ commented Geoff Kendrick from Standard Chartered. He noted that Bitcoin’s performance during this shutdown differs significantly from its relative stability during the previous government shutdown in late 2018.

Analysts predict that Bitcoin could soon hit even higher numbers, with Standard Chartered projecting a price of $135,000 in the near future. Trading volumes have significantly increased, with over $70 billion in spot markets recorded as interest in Bitcoin grows.

Alongside Bitcoin’s gains, traditional assets like gold also rose, reflecting a trend among investors seeking safety from escalating geopolitical concerns. Gold prices increased by 0.5% on October 3, leading to a total gain of more than 2% for the week.

Meanwhile, a report revealed that Walmart-backed fintech OnePay plans to offer cryptocurrency trading on its platform by the end of the year. This service will initially support Bitcoin and Ethereum, allowing users to convert their crypto holdings into cash for transactions at Walmart stores.

As Bitcoin continues its upward momentum, traders and analysts are monitoring key support and resistance levels closely. Currently, there is a consensus that if Bitcoin can break past the $124,000 resistance, it may lead to even more substantial gains. Experts remain cautiously optimistic as they anticipate a bullish trend for the upcoming months if market conditions remain favorable.