Bitcoin rose above US$119,000 on October 1, marking its highest level in over two months as the US government shutdown began.

The price of bitcoin climbed nearly 4% in 24 hours, briefly reaching US$119,455, according to CoinDesk data.

Other major cryptocurrencies, including ether, XRP, solana, and dogecoin, also saw gains of 4% to 7%.

The CoinDesk 20 Index increased 5% to 4,217 points.

Analysts said the shutdown could delay key economic reports, such as the US nonfarm payrolls, which may influence decisions by the Federal Reserve on interest rates.

Some market observers suggest that delayed data could prompt the Fed to consider further rate cuts, possibly increasing liquidity and supporting risk assets like bitcoin.

🔗 Source: CoinDesk