The current encryption market is experiencing a strong breakthrough, with Bitcoin's price first breaking through the 120,000 USD mark, rising 1.8% within 9 hours, just a step away from refreshing its historical high. This breakthrough of this key psychological level is accompanied by a significant higher trade volumes, with the main spot volume soaring about 200% year-on-year, and the "counterattack" operations of institutional whales have become an important force driving the market. Meanwhile, Ethereum also performed brilliantly, once breaking through the 4,500 USD mark, with a daily increase of over 3%. This surge is attributed to the comprehensive completion of the ETH 2.0 upgrade, which has significantly optimized network performance and scalability, combined with the influx of institutional funds brought about by the U.S. SEC's previous approval of the Ethereum spot ETF, enhancing its attractiveness. The altcoin sector has seen even more rapid growth, with BNB's maximum daily increase reaching 6.6% and breaking through 1,100 USD. Solana's coin rose 5.8% under the anticipation of the imminent approval of the spot ETF, and DOGE also recorded an increase of 5.5%, indicating that market risk appetite is clearly warming up, and funds are accelerating towards small and medium market capitalization encryption currencies.

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The surge in the encryption market at the beginning of October was unexpectedly ignited by the US government shutdown. On October 1st local time, the US federal government officially shut down due to the failure to pass a funding bill, resulting in hundreds of thousands of federal employees entering unpaid leave. The dollar experienced the longest decline in a month, and options market data shows that the dollar still faces short-term downside risks. Historical patterns indicate that government shutdowns often weaken market confidence in the dollar, prompting safe-haven funds to flow into anti-inflation assets, while Bitcoin is gradually becoming an important alternative to gold, even being seen by some institutions as a substitute for "digital gold."

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At the same time, pay attention to whether the U.S. non-farm data and unemployment rate can be arranged as scheduled after the suspension. For details, please follow the live broadcast room of Yibo in the evening.