Bitcoin nears lowest since June as US government shutdown hits joint longest
What to know
- Bitcoin is approaching its lowest price since end-June.
- The U.S. Dollar Index (DXY) has risen above 100 for the first time since Aug. 1, a level that typically puts pressure on risk assets such as BTC and tech stocks.
- The U.S. government shutdown has entered its 35th day, matching the record from 2018–2019, with Polymarket suggesting it may extend beyond mid-November.
The bitcoin price is approaching its lowest since June 24, trading near $103,000. It is now about 20% below its Oct. 6 record high of $126,500.
The last time bitcoin traded below $100,000 was in late June, when tensions between Iran and the U.S. flared.
Meanwhile, the U.S. government shutdown has entered its 35th day, tying the 2018–2019 record for the longest in history. Prediction market Polymarket indicates that the shutdown is likely to extend beyond Nov. 16, continuing to put pressure on bitcoin.
The U.S. Dollar Index (DXY), a measure of the currency's strength against a basket of major currencies, recently climbed above 100 for the first time since Aug. 1, a move that typically pressures risk assets like cryptocurrencies and equities. Tech stocks are also weakening, with futures pointing lower and the Invesco QQQ Trust (QQQ) down roughly 1.5% in pre-market trading.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
