BTC/USD: Bitcoin Jumps to Record $125,000 Despite Govt Shutdown. Welcome, Uptober.

OG token was seen taking advantage of the economic blackout as it eclipsed the $125,000 threshold over the weekend. Risk rally back on?

🚀 Bitcoin at $125,000

• Bitcoin prices BTCUSD were charting fresh record highs early Sunday as traders rushed back into risk assets amid the ongoing US government shutdown. Welcome, Uptober!
• The orange coin topped $125,000 for the first time in history, reaching a record market capitalization of $2.5 trillion. That’s more than the fifth-largest company, Amazon AMZN, worth $2.4 trillion.
• Apparently, crypto bros used the quietness of Sunday morning to swoop in and lift the coin’s price ahead of a key week for markets. The pause of some government activities is expected to continue and that means no releases of scheduled news, including nonfarm payrolls.

🔔 What’s Driving the Gains?

• Bitcoin likely extended its leg up as markets sought a safe haven amid the government shutdown. But that’s largely a bet on uncertainty. The pause could continue indefinitely and the longer we’re left without news reports, the higher the chance that the Fed could push back against rate cut expectations.
• The flight to Bitcoin, some analysts argue, could be described by what’s called a “debasement trade.” It’s essentially a conviction that the uncertainty out of Washington would push traders into safe-haven assets. But Bitcoin isn’t famous for its ability to shield markets from risk.
• What to expect heading into the week? If the government can’t get its act together, traders will be free floating out in the open with no news to ground their expectations into reality. Everything goes?

🔑 Uptober but for Stocks and Gold, too?

• We’re now in October and this month ain’t an ordinary one for crypto players. For the past nine years of the last ten, Bitcoin has logged gains. For that reason, traders have called this month “Uptober.”
• Will this be another winning month? So far this year, the price of Bitcoin has added 35% thanks to corporate adoption (the treasury play) and increased appetite for exchange-traded products.
• Meanwhile, risk assets and safe havens are also charting record highs. Equities in the US powered higher with the tech-heavy Nasdaq Composite soaring to new closing high last week. Gold prices also logged a record close near $3,890 per ounce.