Bitcoin Hits $124,000 Despite U.S. Shutdown and Geopolitical Tensions – Crypto News – Crypto News
Connect with us
Bitcoin Hits $124,000 Despite U.S. Shutdown and Geopolitical Tensions Bitcoin Hits $124,000 Despite U.S. Shutdown and Geopolitical Tensions

De-fi

Bitcoin Hits $124,000 Despite U.S. Shutdown and Geopolitical Tensions – Crypto News

Published

5 days ago

on

Crypto markets rallied for a third day as investors digested macro uncertainty and Middle East tensions.

The cryptocurrency market extended its rally for a third straight day on Friday, Oct. 3, despite a U.S. government shutdown and ongoing geopolitical tensions in the Middle East.

Bitcoin (BTC) climbed to around $124,000 – its highest level since mid-August and just shy of its all-time high of around $124,128 – up nearly 3% on the day.

BTC Chart

“Bitcoin’s all-time highs are not about speculation but instead about portfolio construction,” said Willem Schroé, CEO of Botanix Labs, in comments shared with The Defiant. “ETF inflows, corporate treasury allocations, and structural supply reductions are reinforcing Bitcoin’s scarcity.”

He added that as global capital adjusts to rate cuts and dollar weakness, investors are increasingly turning to Bitcoin “not just as a hedge but as a new form of yield that derives from scarcity, utility, and institutional scale.”

Other major digital assets also rose: Ethereum (ETH) edged up 2% to $4,545, Solana (SOL) gained 2% to $232, and XRP added 2% to $3.09 before pulling back to $3.03, essentially flat. Binance Coin (BNB) led the top 10, jumping 8% to $1,139.

Outside the top 10, the top three gainers over the past 24 hours include Immutable (IMX), up 12.7% to $0.79; Story (IP), which rose 11% to $10.12; and Zcash (ZEC), climbing another 8% to $141.31. ZEC has recorded a 172% gain over the past week, reflecting growing interest in privacy-focused projects.

The day’s biggest losers among the top 100 include DoubleZero (2Z), down 27% to $0.53; MYX Finance (MYX), which fell 16.2% to $8.47; and Plasma (XPL), down 8% to $0.85.

The total crypto market capitalization reached $4.2 trillion, up 2% on the day, with Bitcoin dominance at 56.7% and Ethereum’s at 12.7%.

Liquidations and ETF Inflows

In the past 24 hours, nearly $555 million in crypto positions were liquidated, according to data from Coinglass. Longs accounted for $197 million, and short positions made up over $358 million.

Spot Bitcoin ETFs attracted nearly $627 million in inflows on Thursday, while Ethereum ETFs attracted over $307 million – both marking their fourth straight day of gains.

Total weekly inflows now stand at $2.2 billion for Bitcoin and $1.06 billion for Ethereum, with Ethereum recording its largest weekly gains since August, according to SoSoValue.

Shutdown and Geopolitical Tensions

Even with crypto prices on the rise, the U.S. government shutdown is creating uncertainty as the Bureau of Labor Statistics’ (BLS) September jobs report, expected today, has been delayed.

The BLS, along with many other government agencies, is currently on hiatus while the shutdown continues. The delay leaves both policymakers and traders without fresh data on jobs, unemployment, and wage growth.

This pause also comes at a key moment for the Federal Reserve as it weighs its next moves on interest rates. Last month, the Fed cut its benchmark rate by 25 basis points at its Sept. 17 meeting.

All of this comes against a backdrop of ongoing geopolitical tension that has rattled markets for months, as President Donald Trump works to mediate a deal between Israel and Hamas. On Friday, the president set a Sunday deadline for Hamas to accept a U.S. peace plan for Gaza, warning of “all hell” if no agreement is reached.

The plan calls for an immediate ceasefire, the release of 20 living Israeli hostages and the remains of others within 72 hours, in exchange for hundreds of detained Gazans.

Related Topics:
Continue Reading

Trending