Bitcoin nears $123,000 mark as US government shutdown looms
Bitcoin just shot past $123,000, putting it within reach of its all-time high from August.
This latest rally, up about 12% in a week, is getting a push from uncertainty around the US government shutdown.
Traders call this the "debasement trade"—basically, people are turning to Bitcoin as a safe spot when politics and money policies get shaky.
Bitcoin's market cap tops $2.3 trillion
October is living up to its "Uptober" nickname—Bitcoin has climbed in nine of the last 10 Octobers.
With its market cap now over $2.3 trillion and daily trading volumes topping $70 billion, both big players and regular folks are showing serious interest.
Bitcoin ETFs see nearly $1 billion inflow this month
A wave of nearly $1 billion into Bitcoin ETFs this month has helped fuel momentum.
Supportive crypto rules since 2025 and more companies adding Bitcoin to their balance sheets have kept demand strong.
Plus, record highs in US stocks (thanks to AI deals), a weaker dollar, and lower Treasury yields are making Bitcoin look even more appealing as a hedge against uncertainty.