Bitcoin rose during the Asian session on Sunday and gathered from $ 122,000 to $ 124,289 within minutes of shortly after the record height of $ 124,429 reached in August.
The break over $ 124,000 followed a massive demand for the US-noticed spot exchange traded funds (ETFs). Collectly records a net flow of $ 3.24 billion last week. This marks the second largest weekly influx of the mail according to the data provider Sosovalue.
Other symbols such as XRP, ETH, SOL, DODE followed BTC’s lead and got 1% to 3% in the Asian hours.
Garden demand
BTC’s Rally arrives on the basis of a continuing US government’s shutdown, as analysts say, has increased the demand for safe haven after the top cryptocurrency.
Jeff Dorman, Chief Investment Officer for Arca, noticed just before the shutdown began, “The only time I buy BTC is when the community loses faith in governments and local banks. $ BTC probably a good purchase here ahead of yet another US government’s shutdown.”
In addition to political uncertainty, experts point to significant macroeconomic factors that drive the rally.
Noelle Acheson, author of Crypto is Macro Now Newsletter, explained, “In addition to the escalating risk of new conflicts, it is more likely that US inflation is rising than falling, increased borrowing around the world will intensify currency problems, and what is good for gold is also good for BTC, especially as it is still unhappy.”
“Plus, the incoming rush of market support – lower rates, interest rate basket control and lots and lots of” cash printing ” – will increase global liquidity that will seep into the risky corners of institutional portfolios,” she added.
In short, BTC seems to criticize impressive winnings during the month of the Season Bullish in October. At the time of writing, Cryptocurrency traded around $ 124,080, according to Coindesk data.
