Gold, Bitcoin Soar On US Government Shutdown Jitters As Safe Haven Trades Fuel Uptober Rally
Bitcoin and gold surged on safe-haven demand after the US government shutdown, fueling talk that an Uptober rally is underway. The shutdown began at 12:01 a.m. ET when Congress failed to pass a funding bill, sending investors into traditional and digital stores of value. Bitcoin climbed above $116,000, while gold set its 39th record high this year. Crypto market leader Bitcoin, often seen as a digital store of value, saw its price soar more than 3% to trade at $116,846.22 as of 8:03 a.m. EST, according to data from CoinMarketCap. BTC price (Source: CoinMarketCap ) The move sharpened focus on Bitcoin’s historical October strength, with traders noting the crypto is just 6% below its all-time high of $124,457.12 that it set on Aug. 14 as it begins a seasonally bullish quarter. “Right now, Gold is hitting new highs, which means Bitcoin will do this next,” said @TedPillows, with more than 209k followers, on X. ” $BTC has been highly correlated to Go...