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 $124,000, 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.
From here, traders expect to see resistance at $135,000, with $150,000 "in sight if momentum holds," said Rachael Lucas, analyst at BTC Markets. "But with leverage building, any sharp reversal could trigger volatility."
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Options markets are "skewing bullish" with over 60% of open interest in call options, a state of play "that reflects strong conviction but also raises the risk of liquidation cascades if momentum stalls," Lucas added.
Ether, the second-largest digital asset, was relatively unchanged at $4,522 as of 10:27 a.m. in Singapore on Monday. XRP was steady at just shy of $3.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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