The cryptocurrency market is rebounding as the partial US government shutdown enters its second day.
Bitcoin rose to $121,000 on Thursday, a level not seen since mid-August, while Ethereum surpassed $4,500, reaching its highest level in three weeks.
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This rally comes despite the potential economic uncertainty stemming from the stalemate in Washington. Historical data suggests that government shutdowns have not been bearish for risk assets; the S&P 500 has advanced during every shutdown since 1990.
Given Bitcoin's strong correlation with the index in 2025, it may be benefiting from the same dynamics.
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Analysts also note that Bitcoin is gaining ground against gold, which recently reached a new all-time high above $3,900.