CHONGQING, CHINA - JULY 17: In this photograph illustration, a idiosyncratic holds a carnal practice of a Bitcoin (BTC) coin successful beforehand of a surface displaying a candlestick illustration of Bitcoin's latest terms movements connected July 17, 2025 successful Chongqing, China. (Photo illustration by Cheng Xin/Getty Images)
Cheng Xin | Getty Images News | Getty Images
Bitcoin rallied connected Friday to wrong striking region of its grounds precocious arsenic the U.S. government's shutdown entered its 3rd day.
The world's oldest cryptocurrency is trading up astir 2% connected the time astatine $123,874. That's astir 1% beneath its all-time precocious terms of conscionable northbound of $124,000 that it reached successful mid-August.
Investors are flocking to the decentralized plus aft U.S. lawmakers failed to onslaught a woody connected national funding, forcing the U.S. authorities to shutdown connected Wednesday. Bitcoin is up 12% this week alone.
"The shutdown matters this clip around," wrote Standard Chartered's Geoff Kendrick. "During the erstwhile Trump shutdown (22 Dec 2018 to 25 Jan 2019) Bitcoin was successful a antithetic spot than now, truthful it did little."
"However, this twelvemonth bitcoin has traded with 'US authorities risks' arsenic champion shown by its narration to US treasury word premium," added Kendrick.
Standard Chartered expects a caller precocious soon and yet the crypto hitting $135,000 aft that.
Bitcoin, YTD
Traders are turning to crypto and different assets to hedge against mounting governmental and economical tensions. Spot gold rose 0.5% to $3,876.55 per ounce connected aboriginal Friday, with prices gaining much than 2% this week.
Traders besides poured immoderate wealth into stocks connected Friday, contempt the expanding geopolitical uncertainties. The S&P 500 and Nasdaq Composite besides roseate .5% and .27% connected the day, respectively.
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