Bitcoin set another all-time high as a broader risk rally around the US government shutdown buoyed the world’s largest cryptocurrency. The token climbed to as high as $125,689

Bitcoin set another all-time high as a broader risk rally around the US government shutdown buoyed the world’s largest cryptocurrency.

The token climbed to as high as $125,689 on Sunday in Asia, 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.”

“With many assets including equities, gold and even collectibles like Pokemon cards hitting all time highs, it’s no surprise Bitcoin is benefitting from the dollar debasement narrative,” said Joshua Lim, co-head of markets at crypto prime brokerage firm FalconX.

Adding to the bullish sentiment is Bitcoin’s historical outperformance in the month of October, which has earned the nickname “Uptober.” The token has gained in nine of the past 10 Octobers.

The largest digital-asset by market value reached the previous high of $124,514 on Aug. 14, and is now up more than 30% this year. 

• Bitcoin set another all-time high as a broader risk rally around the US government shutdown buoyed the world’s largest cryptocurrency.
• The token climbed to as high as $125,689 on Sunday in Asia, supported by the uptick in US equities and renewed inflows into Bitcoin-linked exchange-traded funds.
• Bitcoin has been steadily rising for most of the past year as a result of the friendly legislative climate in Washington and public companies stockpiling the original cryptocurrency.