Bitcoin set a fresh record on Sunday for the first time since mid-August, as the US government shutdown drove investors to safe-haven assets in a migration dubbed the “debasement trade.”
The largest digital-asset climbed to $125,689 over the weekend and remained in touching distance of its all-time high on Monday morning in Singapore at about $123,700, according to data compiled by Bloomberg.
The surge came amid a US government shutdown that’s helped fuel demand for perceived safe-haven assets. The shutdown meant the Bureau of Labor Statistics didn’t publish nonfarm payroll figures on Friday. Gold advanced beyond $3,900 on Monday to set yet another record, extending a months-long rally, while Bitcoin led the way among cryptocurrencies.
“The familiar pattern of dollar debasement against alternative reserve assets amid Washington dysfunction was on display again,” JPMorgan analysts said in a note on Friday.
Ether, the second-largest digital asset, was even at $4,501 as of 9:18 a.m. in Singapore on Monday. XRP was steady at just shy of $3.
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