[Bitcoin Now] Bitcoin Nears All-Time High Amid Potential U.S. Government Shutdown

The price of Bitcoin approached its all-time high amid concerns over a potential U.S. government shutdown.

Yonhap News Agency

According to CoinMarketCap, a global cryptocurrency market data aggregator, as of 9:34 a.m. on October 4, Bitcoin was trading at $122,248.67, up 1.55% from 24 hours earlier. During the session, it climbed as high as $123,944.70.

Bitcoin had dropped to $108,728.97 on September 26. Since then, it has steadily risen, recovering the $120,000 mark on October 2. This is the first time Bitcoin has surpassed $123,000 in about two months, since mid-August this year.

Bitcoin prices vary slightly depending on the exchange or cryptocurrency data provider. According to CoinMarketCap, the all-time high is $124,457.11. On Coinbase, it reached $124,290, and according to Bloomberg data, it hit $124,514.

The possibility of a federal government shutdown due to the U.S. Congress failing to reach a budget agreement has fueled Bitcoin's upward trend. As uncertainty grows, funds have moved into assets like Bitcoin for risk diversification. This has highlighted Bitcoin's appeal as a safe-haven asset.

Geoff Kendrick, Head of Global Digital Asset Research at Standard Chartered, explained, "During the previous shutdown in 2018-2019, the impact on Bitcoin was minimal, but this time is different. Bitcoin is now trading in close relation to the U.S. Treasury term premium, clearly reflecting 'U.S. government risk.'"

Standard Chartered forecasts that Bitcoin could rise to $135,000.

Altcoins, excluding Bitcoin, are also on the rise. Ethereum was up 0.58% from 24 hours earlier, trading at $4,499.82. Ripple (XRP) rose 0.51%, and Binance Coin (BNB) increased by 8.53%.