Bitcoin was etched high on Wednesday, but most other risky assets fell after US lawmakers failed to reach government funding contracts, leading to the closure.
The move, unlike gold, rose to records on Wednesday, gave cryptocurrency’s evolving views on valuable reservoirs of a dysfunctional geopolitical era.
The flagship cryptocurrency rose 1.8% that day as of 6:53am ET. It has increased by about 3% over the past 24 hours.
The US government was closed in the middle of the night after the Senate bill was elapsed to maintain government funding. This comes as Democrats led by Senators Chuck Schumer and Hakem Jeffries pushing for such measures.
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Bitcoin 5 Day Chart
Meanwhile, President Donald Trump has threatened to cut the government’s profits of “many people” if the agreement is not reached soon.
It noted that stock futures opened on Wednesday as traders assessed the impact of the government shutdown. Wall Street was probably looking for other assets for security, including Bitcoin. Gold also received a bid and hit a fresh, highest height.
Bitcoin has risen about 25% this year, and is on the rise as Wall Street institutions accept cryptocurrency and global investors begin to see it as a trustworthy portfolio allocation and merely a quick trading vehicle.
