Bitcoin topped $121,000 and Ether hit a three-week high as a US government shutdown amplifies crypto’s appeal.
Contrary to conventional wisdom, historical data indicates shutdowns have been bullish for risk assets like the S&P 500—a trend now benefiting a closely-correlated Bitcoin.
The rally is also linked to gold’s surge to a new record. JPMorgan analysts call Bitcoin “significantly undervalued” against gold and see a path to $165,000 by year-end. As one expert put it, we are witnessing a “shift from speculative trades to strategic allocations” for Bitcoin as a core reserve asset.
