BTC Price Approaches Lowest Since June, as U.S. Government Shutdown Hits Joint Longest

Bitcoin is nearing its lowest price since June, approaching $103,000 amidst a prolonged U.S. government shutdown that has now lasted 35 days, tying the record from 2018-2019. This shutdown has strengthened the U.S. Dollar Index (DXY) above 100, impacting risk assets like BTC and tech stocks. Currently, Bitcoin is trading approximately 20% lower than its record high of $126,500 reached on October 6. The shutdown's continuation may further pressure Bitcoin prices. In the tech market, futures are showing declines, indicating underlying weaknesses. The growing forecasts from prediction markets suggest that the shutdown could extend beyond mid-November, affecting investor confidence in cryptocurrencies and equities. Meanwhile, initiatives like OwlTing are emerging in the stablecoin sector, highlighting the expanding infrastructure for transactions in the cryptocurrency ecosystem.

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