Cryptocurrency Markets Rally as U.S. Government Shutdown Continues

Following a second day of the partial government shutdown in the US, cryptocurrency markets saw a notable surge. The impact on Bitcoin was particularly noteworthy, with prices reaching their highest point since August 14 at over $121,000. Ethereum also experienced a significant rally, surpassing its three-week high above $4,500. Historical data suggests that government shutdowns haven’t had a negative impact on the stock market or other risk assets. This trend may be replicated with Bitcoin as well, given its historically strong correlation with the broader stock market.