Bitcoin and Gold Jump as Stocks Dip Amid US Government Shutdown

As Wall Street reacts to the first U.S. government shutdown in nearly seven years, Bitcoin has surged past $117,000 and gold has reached a new all-time high over $3,922 per ounce. Both assets have drawn significant safe-haven demand amidst stock market declines, with the S&P 500 and Nasdaq both down about 0.5% following the shutdown. The government's closure began at midnight, reflecting uncertainties around its potential duration, reminiscent of the record 35-day shutdown in late 2018 that negatively impacted markets. Bitcoin's recent rise represents a 3.6% increase over the last 24 hours and over 7% since Sunday, reflecting strong market sentiment. Gold's price has jumped 4.6% in the week leading up to this shutdown. The implications of the shutdown could be severe, as essential federal functions including economic data collection will stiffen during this period, raising further concerns for the economy's outlook. During previous shutdowns, significant market downturns have occurred.

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