CryptoCryptocurrencies

Bitcoin Crosses Fresh Record as ‘Uptober’ Narrative Takes Hold

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Bitcoin set another all-time high over the weekend as a broader risk rally around the US government shutdown and prevailing optimism around ‘Uptober’ buoyed the world’s largest cryptocurrency.

The token climbed to as high as $125,689 early on Sunday in New York, topping its previous record set on Aug. 14, supported by the uptick in US equities and renewed inflows into Bitcoin-linked exchange-traded funds. Investors have speculated that the shutdown, which kicked in on Wednesday, will drive investors to safe-haven assets in what market participants have begun to call the “debasement trade.”

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