The price of Bitcoin (BTC) is rising along with other cryptocurrencies as the threat of a U.S. government shutdown on October 1 draws near.
A government shutdown fits with the narrative of decentralized cryptocurrencies, and traders are increasingly bullish on Bitcoin as stocks continue to trend lower.
The price of Bitcoin increased 2% in the last 24 hours and moved above $27,000 U.S., breaking above the $26,000 U.S. level that it has been stuck at for more than a month.
While the major U.S. stock indices, including the benchmark S&P 500, are positioned to end September in the red, Bitcoin’s price is set to end September up for the first time in seven years.
Traders and analysts say they expect that a government shutdown will further boost Bitcoin’s price in October.
Other cryptocurrencies, notably Ethereum (ETH), the second biggest crypto, gained 3% to reach $1,670 U.S. Smaller digital tokens and coins are also marching higher.
Bitcoin’s price has now gained 62% so far in 2023, outperforming equities.
