Bitcoin has broken through the $121,000 mark. Traders expect a new all-time high
Bitcoin rose to $121,000 on expectations that the US government shutdown is pushing investors towards riskier assets.
Bitcoin rose to $121,000 on expectations that the US government shutdown is pushing investors towards riskier assets.
Political instability in the US caused Bitcoin to break below $121,000 for the first time since its record high. Now the cryptocurrency is in a slump, with experts predicting a sharp decline in value followed by an equally sharp rise.
According to Coinglass, if Bitcoin falls to $105,000, the market could see up to $15 billion in liquidations. If it reaches $130,000, potential short liquidations could reach $1.5 billion.
Bitcoin is currently trading near $119,000, and the market is balancing between upside to $130,000 and the risk of a correction.
What was the cause?
Crypto experts are inclined to believe that the main reason for today's growth is the political crisis in the US, also known as the "shutdown." A temporary partial shutdown of government agencies.
The US federal government shutdown occurred after Republicans and Democrats failed to resolve a dispute over next year's budget.
This means that some US government services are temporarily suspended, and 40% of federal employees, about 750,000 people, will be sent on unpaid leave.
In the history of the United States, a shutdown has occurred 11 times, the last time in 2018-2019 and in 2013, due to a budget that was not adopted on time.
Previously, Ryan Gorman, chief strategist at Uranium Digital, predicted Bitcoin's rise to $120,000 in July of this year, when the cryptocurrency reached a value of $118,000.
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