Bloomberg: Bitcoin's record-breaking rally is driven by growing bets in the options market

BlockBeats News, October 7th, according to Bloomberg, as the U.S. government shutdown prompted investors to flock to safe-haven assets, a capital migration known as the "devaluation trade" pushed Bitcoin to a record high on Sunday.

This rally comes during the U.S. government shutdown, which has increased investor demand for assets considered safe havens. Due to the shutdown, the U.S. Bureau of Labor Statistics was unable to release the non-farm payroll data on Friday. Meanwhile, gold prices broke through $3,900 per ounce on Monday, setting a new high and continuing a months-long rally, while Bitcoin led the way among cryptocurrencies.

JPMorgan analysts stated in a report last Friday: "Against the backdrop of dysfunction in Washington, the pattern of dollar depreciation relative to other reserve assets has re-emerged."