Partial Government Shutdown in the US Benefits the Cryptocurrency Market, Bitcoin Hits Two-Month High! Here Are the Details

Cryptocurrency markets staged a strong recovery on the second day of the partial government shutdown in the ￰0￱ Surpasses $121,000, Ethereum Hits Three-Week High Bitcoin (BTC) surpassed $121,000 on Thursday, hitting its highest level since August ￰1￱ (ETH) reached a three-week high, trading above $4,500. The ￰2￱ officially shut down on October 1st due to a lack of budget consensus in Congress. However, historical data suggests that such shutdowns are not negative for stocks and risk ￰3￱ example, the S&P 500 index has risen with every government shutdown since 1990. A similar tailwind is said to be effective for Bitcoin, which will exhibit a closer correlation with the stock market in ￰4￱ are also emphasizing that Bitcoin has been struggling to match the gold market's recent ￰5￱ gold broke a record high today, exceeding $3,900, JPMorgan strategists noted that Bitcoin is still undervalued relative to gold and predicted it could reach $165,000 by the end of the year.

Experts, noting that October has historically been the strongest month for Bitcoin, say the “Uptober” narrative could hold true this year as ￰6￱ shares rose 7%, Circle rose 16%, and Bullish rose 11%, suggesting crypto-related companies also joined the rally. Meanwhile, Bitcoin and Ethereum ETFs saw a total inflow of $2.4 billion this ￰7￱ 98% probability of another Fed rate cut at its October meeting is providing additional support to the markets. *This is not investment ￰8￱ Reading: Partial Government Shutdown in the US Benefits the Cryptocurrency Market, Bitcoin Hits Two-Month High! Here Are the Details