Quick overview

Live BTC/USD Chart

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Bitcoin hit another record high as the world’s largest cryptocurrency was buoyed by a broader risk rally tied to the US government shutdown. The token climbed to $125,689, surpassing its August 14 peak, aided by a rebound in US stocks and new investments in Bitcoin-related exchange-traded funds.

Market participants have begun to call this the “debasement trade,” as investors expect that the shutdown, which started on Wednesday, will drive them toward safe-haven assets. It’s no surprise that Bitcoin is benefiting from the dollar devaluation story, especially considering its impressive performance in October, dubbed “Uptober.”

Additionally, many assets, including stocks, gold, and even collectibles like Pokémon cards, have reached all-time highs. Over the past ten Octobers, the token has increased in nine of them.

Bitcoin has been rising steadily due to the favorable legislative environment created by President Donald Trump in Washington. Demand has increased as a result of public companies, led by Michael Saylor’s strategy, adopting the increasingly common approach of hoarding the original cryptocurrency.

A widespread rise in digital assets has occurred as the playbook spreads to smaller rivals like Ether. Amid another round of high-profile AI partnerships and deals, US stocks reached all-time highs on Friday, defying predictions of a prolonged shutdown and a pessimistic outlook for business activity.

The dollar and Treasury bonds declined. With central bank purchases driven by declining US interest rates and persistent inflation concerns, gold was poised for its seventh consecutive weekly gain.