Bitcoin Surges Past $120K Amid Bullish Market Sentiment
- Bitcoin (BTC) surpassed $120,000, a peak not seen since mid-August.
- Open interest in BTC futures reached a record high of $32.6 billion, indicating strong bullish sentiment.
- The CoinDesk 20 Index rose by 1.5%, reflecting positive movement across major cryptocurrencies.
- Litecoin ETF applications are pending response, with deadlines from Oct. 10 to Oct. 24.
- Treasury Secretary Scott Bessent warned that the government shutdown could negatively impact GDP and economic growth.
The recent surge in Bitcoin’s price is attributed to renewed optimism regarding macroeconomic conditions and potential altcoin ETF approvals once the government reopens. Traders are also monitoring upcoming Federal Reserve meetings amid concerns over the ongoing government shutdown.
With Bitcoin trading above $120,000 and total market capitalization exceeding $4 trillion, analysts suggest a sustained rally may be on the horizon as market sentiment remains bullish.(Source)
