Bitcoin Surges Past $120,000 as U.S. Government Shutdown Impacts Markets

Bitcoin soared past $120,000 in October 2023 amidst the US government shutdown’s economic uncertainty. Delays in economic data releases and speculation about potential interest rate cuts fueled this surge, impacting risk assets like Bitcoin, Ethereum, Solana, and XRP. Experts suggest that Bitcoin’s rise as a ‘macro hedge’ is linked to the volatility caused by the shutdown, potentially mirroring past trends.