Bitcoin tops $120,000 as U.S. government shutdown delays crypto ETFs

Bitcoin surpassed the $120,000 mark on Friday as the U.S. government shutdown entered its third day, fueling expectations of continued positive performance for the cryptocurrency in October — a trend often referred to as "Uptober."

The U.S. Congress failed to reach a budget agreement by Wednesday, triggering a partial government shutdown. Traditional markets remained stable with moderate gains across major indexes, but Bitcoin's rally was more pronounced.

The situation directly affects financial markets, as the release of the monthly jobs report — initially scheduled for Friday — has been delayed. This key indicator is closely watched by investors to anticipate the Federal Reserve’s next policy decisions ahead of the FOMC meeting on October 28.

The shutdown may also delay the U.S. Securities and Exchange Commission’s (SEC) review of pending crypto ETF applications. Proposals linked to Litecoin, Solana, and XRP, which were expected to receive decisions in October, are now likely to be postponed until the agency resumes normal operations.