{"id":66829,"date":"2023-09-29T11:13:59","date_gmt":"2023-09-29T15:13:59","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-rises-as-crypto-traders-turn-bullish-on-government-shutdown\/"},"modified":"2023-09-29T11:14:01","modified_gmt":"2023-09-29T15:14:01","slug":"bitcoin-rises-as-crypto-traders-turn-bullish-on-government-shutdown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66829","title":{"rendered":"Bitcoin Rises as Crypto Traders Turn Bullish on Government Shutdown"},"content":{"rendered":"
\n
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<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were rising Friday as traders turned bullish on the prospect of a U.S. government shutdown which supports philosophical tenets of decentralized currencies but risks draining liquidity from wider markets.<\/p>\n

The price of Bitcoin has risen 2% over the past 24 hours to above $27,000, with the largest digital asset moving out of the range around $26,000 that has dominated for more than a month.<\/p>\n

\n

\u201cDespite large-scale equity weakness across most sectors \u2026 Bitcoin currently sits at a nine-day high, reclaiming an important push-and-pull level at $27,000,\u201d said Luke Nolan, an analyst at digital asset investment group
\n CoinShares.<\/span>\n <\/p>\n

Bitcoin has suffered from historically low volatility and trading volumes since the summer, a factor that would be a long-term disadvantage but likely has kept prices afloat amid a recent slide in the stock market. The
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n are on track to end a brutal September, while Bitcoin is poised to beat history by rising in this month for the first time in seven years.<\/p>\n

While the possibility of a U.S. government shutdown\u2014which could happen this weekend\u2014is hanging over equity markets, some crypto traders are seeing a bullish angle for Bitcoin.<\/p>\n

\u201cSome participants view the possible government shutdown as bullish for cryptocurrencies, as it plays directly into the narrative of non-sovereign currencies not being affected by government procedure,\u201d said Nolan. \u201cThe possible shutdown is a large-scale reflection of the periodic dysfunction of due process, which fits well into the philosophical narrative of crypto currencies.\u201d<\/p>\n

Indeed, a government shutdown could boost Bitcoin\u2014but there are risks. When the U.S. flirted with whether or not to raise the debt ceiling in May, Bitcoin suffered, despite this situation apparently offering a similar opportunity for principle-based gains. That\u2019s because a government shutdown, like the debt ceiling issue, risks draining liquidity from markets as investors broadly rotate into safer bets. Bitcoin could be an unexpected casualty amid a wider risk-off move.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014gained 3% to $1,670. Smaller tokens or altcoins were also buoyant, with
\n Cardano
\n climbing 2% and
\n Polygon
\n popping 3%. Memecoins also advanced, with
\n Dogecoin
\n up 1% and
\n Shiba Inu
\n jumping 2%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies were rising Friday as traders turned bullish on the prospect of a U.S. government shutdown which supports philosophical tenets of decentralized currencies but risks draining liquidity from wider markets. The price of Bitcoin has risen 2% over the past 24 hours to above $27,000, with the largest digital asset moving out […]<\/p>\n","protected":false},"author":1,"featured_media":54784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66829","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Rises as Crypto Traders Turn Bullish on Government Shutdown | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies were rising Friday as traders turned bullish on the prospect of a U.S. government shutdown which supports philosophical\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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