BlockBeats News, October 7th, according to Bloomberg, a fund migration driven by a phenomenon known as “debasement trading” set a new all-time high for Bitcoin on Sunday as investors flocked to safe-haven assets amid the U.S. government shutdown.
This rally comes during the U.S. government shutdown, which has increased demand for assets considered safe havens. Due to the shutdown, the U.S. Bureau of Labor Statistics failed to release nonfarm payroll data on Friday. Meanwhile, the price of gold broke through $1900 per ounce on Monday, reaching a new high and continuing its uptrend for months, with Bitcoin leading the way in the cryptocurrency space.
Analysts at JPMorgan Chase stated in a report last Friday: “Against a backdrop of Washington dysfunction, the debasement pattern of the U.S. dollar relative to other reserve assets has re-emerged.”
