The current crypto market is experiencing a strong breakthrough, with Bitcoin's price first surpassing the $120,000 mark, achieving a rise of 1.8% within 9 hours, just a step away from refreshing its historical high. This breakthrough at a key psychological level is accompanied by significant higher trade volumes, with main spot trading volume increasing by about 200% year-on-year, and institutional Whales' 'counterattack' actions have become an important force driving the market. Meanwhile, Ethereum also performed remarkably, briefly breaking through the $4,500 mark, with a daily rise of over 3%. This upward momentum is attributed to the comprehensive completion of the ETH 2.0 upgrade, which has significantly optimized network performance and scalability, combined with the inflow of institutional funds brought by the U.S. SEC's previous approval of Ethereum spot ETF, enhancing its attractiveness. The altcoin zone has seen even more rapid gains, with BNB's maximum daily increase reaching 6.6% and breaking through $1,100, while Solana surged 5.8% under the expectation of the imminent approval of its spot ETF. DOGE also recorded a rise of 5.5%, indicating a clear warming of market risk appetite, as funds are accelerating towards small and medium market capitalization crypto assets.
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The surge in the crypto market at the beginning of October was unexpectedly ignited by the U.S. government shutdown. On October 1, local time, the U.S. 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 its longest decline in a month, and options market data indicated that the dollar still faces downward risks in the short term. Historical patterns show that government shutdowns often undermine market confidence in the dollar, prompting safe-haven funds to flow into anti-inflation assets, and Bitcoin is gradually becoming an important alternative to gold, even being viewed by some institutions as a substitute for "digital gold."
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The current crypto market is experiencing a strong breakthrough, with Bitcoin's price first surpassing the $120,000 mark, achieving a rise of 1.8% within 9 hours, just a step away from refreshing its historical high. This breakthrough at a key psychological level is accompanied by significant higher trade volumes, with main spot trading volume increasing by about 200% year-on-year, and institutional Whales' 'counterattack' actions have become an important force driving the market. Meanwhile, Ethereum also performed remarkably, briefly breaking through the $4,500 mark, with a daily rise of over 3%. This upward momentum is attributed to the comprehensive completion of the ETH 2.0 upgrade, which has significantly optimized network performance and scalability, combined with the inflow of institutional funds brought by the U.S. SEC's previous approval of Ethereum spot ETF, enhancing its attractiveness. The altcoin zone has seen even more rapid gains, with BNB's maximum daily increase reaching 6.6% and breaking through $1,100, while Solana surged 5.8% under the expectation of the imminent approval of its spot ETF. DOGE also recorded a rise of 5.5%, indicating a clear warming of market risk appetite, as funds are accelerating towards small and medium market capitalization crypto assets.
==================================
💎
💎
==================================
The surge in the crypto market at the beginning of October was unexpectedly ignited by the U.S. government shutdown. On October 1, local time, the U.S. 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 its longest decline in a month, and options market data indicated that the dollar still faces downward risks in the short term. Historical patterns show that government shutdowns often undermine market confidence in the dollar, prompting safe-haven funds to flow into anti-inflation assets, and Bitcoin is gradually becoming an important alternative to gold, even being viewed by some institutions as a substitute for "digital gold."