{"id":613019,"date":"2025-10-04T09:58:16","date_gmt":"2025-10-04T07:58:16","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=613019"},"modified":"2025-10-04T10:00:54","modified_gmt":"2025-10-04T08:00:54","slug":"bitcoin-nearing-record","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/613019-bitcoin-nearing-record.html","title":{"rendered":"Bitcoin nearing record"},"content":{"rendered":"\n<p>Bitcoin approached its all-time high as a broader risk rally around the US government shutdown buoyed the world\u2019s largest cryptocurrency.<\/p>\n\n\n\n<p>The token climbed above $123,000 for the first time since August, supported by the\u00a0uptick\u00a0in US equities and renewed inflows into Bitcoin-linked exchange-traded funds. <\/p>\n\n\n\n<p>Investors have speculated that the shutdown, which\u00a0kicked in\u00a0on Wednesday, will drive investors to safe-haven assets in what market participants have begun to call the \u201cdebasement trade.\u201d<\/p>\n\n\n\n<p>\u201cThe shutdown matters this time around,\u201d said Geoff Kendrick, global head of digital assets research at Standard Chartered Plc, adding that he expects Bitcoin to rise during this period. <\/p>\n\n\n\n<p>He noted that Bitcoin was \u201cin a different place\u201d during the previous shutdown between 2018 and 2019, when the token traded less in line with traditional risk assets.\u00a0<\/p>\n\n\n\n<p>Adding to the bullish sentiment is Bitcoin\u2019s historical outperformance in the month of October, which has earned the nickname \u201cUptober.\u201d The token has gained in nine of the past 10 Octobers.<\/p>\n\n\n\n<p>The largest digital-asset by market value rose for an eighth straight day and was up as much as 2% to $123,261 (R2.12 million). <\/p>\n\n\n\n<p>Bitcoin reached an all-time high of $124,514 on 14 August, and is now up more than 30% this year.\u00a0<\/p>\n\n\n\n<p>Bitcoin has been steadily rising for most of the past year as a result of the friendly legislative climate in Washington ushered in by President Donald Trump. <\/p>\n\n\n\n<p>Public companies, led by Michael Saylor\u2019s Strategy, have boosted the demand by following an increasingly popular corporate tactic of stockpiling the original cryptocurrency. <\/p>\n\n\n\n<p>The playbook has spread to smaller competitors, like Ether, leading to a broad rise across digital assets.\u00a0<\/p>\n\n\n\n<p>Bitcoin\u2019s market value is about $2.45 trillion and Ether\u2019s to nearly $545 billion. Ether was trading just below its almost record level set in August on Friday, changing hands at around the $4,545 level. &nbsp;&nbsp;<\/p>\n\n\n\n<p>US stocks touched record highs on Friday amid another round of big-ticket artificial intelligence deals and partnerships, bucking the prospect of a prolonged shutdown and a gloomy reading on business activity. <\/p>\n\n\n\n<p>Treasuries and the dollar slid. Gold was on track for a seventh weekly gain, fueled by central bank buying amid falling US interest rates and lingering inflation concerns.\u00a0<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;uploadedSrc&quot;:&quot;https:\\\/\\\/mybroadband.co.za\\\/news\\\/wp-content\\\/uploads\\\/2025\\\/10\\\/Bitcoin-correlation-with-equities_Bloomberg.jpg&quot;,&quot;figureClassNames&quot;:&quot;wp-block-image size-full is-resized&quot;,&quot;figureStyles&quot;:null,&quot;imgClassNames&quot;:&quot;wp-image-613020&quot;,&quot;imgStyles&quot;:&quot;width:840px;height:auto&quot;,&quot;targetWidth&quot;:814,&quot;targetHeight&quot;:457,&quot;scaleAttr&quot;:false,&quot;ariaLabel&quot;:&quot;Enlarge image&quot;,&quot;alt&quot;:&quot;&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"814\" height=\"457\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2025\/10\/Bitcoin-correlation-with-equities_Bloomberg.jpg\" alt=\"\" class=\"wp-image-613020\" style=\"width:840px;height:auto\" srcset=\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2025\/10\/Bitcoin-correlation-with-equities_Bloomberg.jpg 814w, https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2025\/10\/Bitcoin-correlation-with-equities_Bloomberg-600x337.jpg 600w, https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2025\/10\/Bitcoin-correlation-with-equities_Bloomberg-768x431.jpg 768w\" sizes=\"(max-width: 814px) 100vw, 814px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"context.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"context.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin approached its all-time high as a broader risk rally around the US government shutdown buoyed the world\u2019s largest cryptocurrency.<\/p>\n","protected":false},"author":341034,"featured_media":574442,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,43378,101706,87757,10578,101705],"class_list":["post-613019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrencies","tag-geoff-kendrick","tag-standard-chartered","tag-us-government","tag-us-government-shutdown"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/613019"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=613019"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/613019\/revisions"}],"predecessor-version":[{"id":613023,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/613019\/revisions\/613023"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/574442"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=613019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=613019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=613019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}