Bitcoin and others rally despite US government shutdown
.jpg)
The Daily Brief is brought to you in partnership with BCB Group, Wincent, Vault12, TPX Property Exchanges, and World Mobile.
📈 Bitcoin climbs above $116K - broader crypto market up 3%+.
🟢 Ethereum and altcoins - see gains of 4% or more.
⚖️ US government shutdown begins - potentially impacting Friday’s jobs data.
🏛️ Crypto ETF month - SEC decisions on Litecoin, Solana, and XRP ETFs due in October.
Bitcoin jumped 3% this morning, trading above $116,000, with the broader crypto market also up more than 3%. The surge came despite the US government shutdown, which began after policymakers failed to agree on a budget. This means non-essential federal services stop, federal employees may be furloughed without pay, and some government operations, like processing certain data, permits, or reports, are paused. Essential services like national security and public safety continue. The broader US stock market has so far shrugged off the uncertainty, but analysts caution that Friday’s jobs report could be affected if the shutdown persists.
Ethereum and other major cryptocurrencies climbed 4% or more, while the Fear and Greed Index continues hovering in Neutral after spending the past week in Fear.
In regulatory news, October is shaping up to be a big month for crypto ETFs. The SEC is set to decide on multiple applications, starting with Canary’s Litecoin ETF on October 2. Grayscale’s Solana and Litecoin trust conversions are due October 10, followed by WisdomTree’s XRP fund decision on October 24.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $4.094 trillion, up 3.3% from this time yesterday.
🟠 Bitcoin (BTC) ↗️
Price: $116,389 up 3.2% in the last 24 h.
Daily high: $116,500
Daily low: $112,736
📈 S&P 500 ↗️
SPY is currently up 0.41% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.28% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 42/100, in Neutral.
*Data is correct as at 01 October 09:48 GMT.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
