The apex cryptocurrency stood at $123,714.58 per coin at the time of writing, and Ethereum eased to $4,677.89, and XRP prices steadied at $2.97, according to CoinMarketCap data.
Bitcoin prices edged lower early Tuesday after hitting an all-time high a day ago, aided by positive flows amid the ongoing shutdown of the U.S. government.
The apex cryptocurrency stood at $123,714.58 per coin at the time of writing, and Ethereum eased to $4,677.89, and XRP prices steadied at $2.97, according to CoinMarketCap data.
“No jobs data, no clarity on Federal Reserve moves. Investors are fleeing to Bitcoin, gold, and silver. The debasement trade is back, and BTC is loving it,” said BTC Markets analyst Rachael Lucas. The “debasement trade,” where investors flee currencies and government bonds for alternative safe investments, has largely contributed to the recent surge in cryptocurrencies and precious metals.
Republican and Democratic lawmakers remain locked in a dispute over healthcare benefits for a stopgap funding measure, which has shut down the U.S. federal government since Wednesday, and delayed the release of key economic data, including the jobs report.
The impasse has complicated the policymaking process for Federal Reserve officials who are set to meet later this month to decide on interest rates. According to CME Group’s FedWatch tool, most traders have priced in a 25-basis-point rate cut by the Federal Reserve.
According to SoSoValue data, Bitcoin ETFs logged inflows of $1.19 billion on Monday, the sixth straight day of inflows. Retail sentiment on Stocktwits about Bitcoin was in the ‘extremely bullish’ territory at the time of writing.
According to an ongoing Stocktwits poll, in partnership with Polymarket, over 50% retail traders expect Bitcoin prices to hit $150,000 by the end of the year.
Hawks Still Wary
Despite the recent rally in digital asset prices, gold prices have outperformed Bitcoin this year, aided by strong central bank buying and ETF inflows. Famous gold bull and Bitcoin critic Peter Schiff believes the digital asset needs to surge higher to match the price of gold.
“I still think it’s too early for Bitcoiners to get excited about the rally. Until Bitcoin can make a new high price in gold, it’s just a bear market rally,” he said in a post on X. Schiff believes Bitcoin would have to rise to about $148,000 to match its record high price in gold.
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