2 hours ago
Bitcoin (BTC) surged during the Asian league connected Sunday, rallying from $122,000 to $124,289 wrong minutes, pausing abbreviated of the grounds precocious of $124,429 reached successful August.
The interruption supra $124,000 followed a monolithic request for U.S.-listed spot exchange-traded funds (ETFs). which collectively registering a nett inflow of $3.24 cardinal past week. This marks the second-largest play inflow connected record, according to information supplier SoSoValue.
Other tokens specified arsenic XRP, ETH, SOL, DOGE followed BTC's lead, gaining 1% to 3% during the Asian hours.
Haven demand
BTC's rally arrives against the backdrop of a continued U.S. authorities shutdown, which analysts accidental has heightened safe-haven request for the apical cryptocurrency.
Jeff Dorman, Chief Investment Officer of Arca, noted conscionable earlier the shutdown began, "The lone clip I bargain BTC is erstwhile nine loses religion successful governments and section banks. $BTC apt a bully bargain present up of yet different U.S. authorities shutdown."
Beyond governmental uncertainty, experts constituent to important macroeconomic factors driving the rally.
Noelle Acheson, writer of Crypto Is Macro Now newsletter, explained, "beyond the escalating hazard of caller conflicts, US ostentation is much apt to summation than decrease, accrued borrowing astir the satellite volition intensify currency concerns, and what’s bully for golden is besides bully for BTC, particularly since it is inactive woefully under-allocated."
"Plus, the incoming unreserved of marketplace enactment – little rates, output curve power and tons and tons of “money printing” – volition boost planetary liquidity, which volition seep into the riskier corners of organization portfolios," she added.
In short, BTC looks acceptable to chalk up awesome gains during the seasonally bullish period of October. At the clip of writing, the cryptocurrency was trading astir $124,080, according to CoinDesk data.
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