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Bitcoin surged to its highest level in seven weeks on Friday, extending a sharp rebound as seasonal “Uptober” momentum and expectations of a liquidity impulse from the U.S. government shutdown underpinned sentiment.
The world’s largest cryptocurrency traded 1.2% higher at $120,052.20 by 02:20 ET (06:20 GMT), after briefly surpassing $121,000 in the previous session. Bitcoin has gained nearly 10% so far this week, recovering from late-September liquidations that erased billions in leveraged positions. More than $20 billion in crypto derivatives were unwound last week before large “whale” investors and institutional inflows helped stabilize markets.
Uptober Momentum and Shutdown Dynamics
October has historically been one of Bitcoin’s strongest months, giving rise to the term “Uptober.” This year, the seasonal optimism has been amplified by steady flows into U.S. spot bitcoin ETFs and speculation that the ongoing U.S. government shutdown could redirect liquidity into alternative assets.
With federal agencies shuttered and key data releases — including Friday’s nonfarm payrolls — delayed, traders expect the Federal Reserve may lean on forward guidance while liquidity finds outlets in functioning markets. Still, analysts warn that a prolonged shutdown could complicate the Fed’s policy outlook, heightening volatility.
CME to Launch 24/7 Crypto Trading
Adding to the upbeat sentiment, CME Group (NASDAQ:CME) said it plans to launch 24/7 trading for cryptocurrency futures and options in early 2026, pending regulatory approval. CME noted record participation this year, including $39 billion in notional open interest in September and a 230% year-on-year jump in August trading volumes.
Altcoins Post Modest Gains
The broader crypto market also rose, though gains were more subdued compared to Bitcoin.
- Ethereum (ETH) climbed 1.8% to $4,482.92
- XRP advanced 1.6% to $3.02
- Solana (SOL) rose 3%, while Cardano (ADA) was flat and Polygon (MATIC) slipped 0.5%
- Meme tokens were little changed, with Dogecoin (DOGE) and $TRUMP holding steady
