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Bloomberg: Bitcoin Hits Record Highs Thanks to Growing Bets in Options Market
Summary: According to Bloomberg, as investors flock to safe-haven assets amid the US government shutdown, a fund migration known as devaluation trading has propelled Bitcoin to a historic high on Sunday. The surge comes during the government shutdown, which has increased demand for assets considered safe havens. Due to the shutdown, the US Bureau of Labor ...
According to Bloomberg, as investors flock to safe-haven assets amid the US government shutdown, a fund migration known as devaluation trading has propelled Bitcoin to a historic high on Sunday. The surge comes during the government shutdown, which has increased demand for assets considered safe havens. Due to the shutdown, the US Bureau of Labor Statistics was unable to release non-farm payroll data on Friday. Meanwhile, gold prices broke $1900 per ounce on Monday, reaching a new high and continuing months of gains, with Bitcoin leading the way in the cryptocurrency market. Analysts at JPMorgan stated in a report last Friday that the devaluation pattern of the US dollar relative to other reserve assets is once again evident against the backdrop of dysfunction in Washington.
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Link: Bloomberg: Bitcoin Hits Record Highs Thanks to Growing Bets in Options Market [Copy]
