Bitcoin Hits 7-Week High
Bitcoin climbed toward $120,000 in early October, marking a seven-week peak as political uncertainty and expectations of further interest rate cuts in the US supported demand.
The US government entered its first shutdown in nearly seven years after lawmakers failed to agree on temporary funding, with the closure expected to last at least three days and delaying the release of September’s nonfarm payrolls report.
Separately, ADP data showed an unexpected loss of 32,000 private-sector jobs in September compared with forecasts for a 50,000 gain, underscoring labor market weakness and strengthening the case for additional Federal Reserve easing.
Futures markets now imply a 99% chance of a 25 basis point cut this month, with odds pointing to another reduction before year-end. Bitcoin also benefited from risk-on sentiment in equities, bolstered by OpenAI’s deal with South Korea’s Samsung Electronics and SK Hynix, which reinforced optimism surrounding artificial intelligence.
Source: Tradingeconomics
