Bitcoin rallies to within 1% of all-time high, gaining safe haven status during shutdown
Bitcoin rallied on Friday to within striking distance of its record high as the U.S. government's shutdown entered its third day.
The world's oldest cryptocurrency is trading up roughly 2% on the day at $123,874. That's about 1% below its all-time high price of just north of $124,000 that it reached in mid-August.
Investors are flocking to the decentralized asset after U.S. lawmakers failed to strike a deal on federal funding, forcing the U.S. government to shutdown on Wednesday. Bitcoin is up 12% this week alone.
"The shutdown matters this time around," wrote Standard Chartered's Geoff Kendrick. "During the previous Trump shutdown (22 Dec 2018 to 25 Jan 2019) Bitcoin was in a different place than now, so it did little."
"However, this year bitcoin has traded with 'US government risks' as best shown by its relationship to US treasury term premium," added Kendrick.
Standard Chartered expects a new high soon and ultimately the crypto hitting $135,000 after that.
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