Bitcoin ticked higher connected Wednesday portion astir different hazard assets fell aft U.S. lawmakers failed to scope a authorities backing agreement, starring to a shutdown.
The determination showed the evolving presumption of the cryptocurrency to a store of worth during dysfunctional geopolitical times, not dissimilar gold, which roseate to a grounds connected Wednesday.
The flagship cryptocurrency traded 1.8% higher connected the time astatine $116,283 arsenic of 6:53 a.m. ET. Over the past 24 hours, it's up astir 3%.
The U.S. authorities unopen down astatine midnight aft a Senate measure to support the authorities funded did not garner capable votes to pass. This comes arsenic Democrats led by Sen. Chuck Schumer and Rep. Hakeem Jeffries propulsion for specified a measurement besides widen enhanced Obamacare taxation credits.
Bitcoin 5-day chart
President Donald Trump, meanwhile, has threatened authorities payment cuts for "large numbers of people" if an statement isn't reached soon.
Stock futures pointed to a downbeat unfastened connected Wednesday arsenic traders assessed the ramifications of a authorities shutdown, with Wall Street possibly looking to different assets for information — including bitcoin. Gold besides caught a bid, hitting a caller all-time high.
Bitcoin is up astir 25% this year, rising arsenic much Wall Street institutions clasp the cryptocurrency and planetary investors statesman to presumption it arsenic a reputable portfolio allocation and not conscionable a speedy trading vehicle.
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