Chung King, China – July 17: This photo illustration holds a physical representation of Bitcoin (BTC) coins in front of the screen showing the latest price movement candlestick chart of Bitcoin with chili peppers on July 17, 2025. (Photo illustrations by Cheng Xin/Getty Images)
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Bitcoin gathered within an impressive distance of record highs on Friday as the US government shutdown entered its third day.
The world’s oldest cryptocurrency trades about 2% of the day at $123,874. That’s about 1% below the North’s all-time high of $124,000, which reached mid-August.
Investors are gathering on diversified assets after US lawmakers did not violate federal funding and are forced to close the US government on Wednesday. Bitcoin has grown by 12% this week alone.
“This shutdown is important,” writes Geoff Kendrick of Standard Chartered. “During the previous Trump closure (December 22, 2018 to January 25, 2019), Bitcoin was in a different place than it is now, so that was very little.”
“But this year, Bitcoin has traded for “US government risk,” as best demonstrated by its relationship with the US Treasury Term Premium,” Kendrick added.
Standard Chartered expects a new high soon, and eventually the code reaches $135,000.
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Bitcoin, YTD
Traders are turning to crypto and other assets to hedge the rise of political and economic tensions. Spot Gold rose 0.5% to $3,876.55 per ounce at the beginning of Friday, bringing prices up more than 2% this week.
Traders also poured some money into their stocks on Friday despite rising geopolitical uncertainty. The S&P 500 and Nasdaq composite also rose 0.5% and .27% on the day respectively.
