Bitcoin stalls above $114K as U.S. shutdown sparks caution
Bitcoin traded in a narrow range on Wednesday, halting a short rally above $114,000. Investors turned cautious with the start of a U.S. government shutdown and uncertainty over key economic data releases.
The world’s largest cryptocurrency was last up 0.5% at $114,514.6 by 02:10 ET (06:10 GMT), hovering near a 10-day high.
Earlier this week, Bitcoin rebounded strongly on whale accumulation, after heavy selling and liquidations drove steep losses last week.
U.S. government shutdown begins
The federal government entered a partial shutdown at 04:00 GMT after lawmakers failed to pass a funding bill. The Senate rejected a Republican measure in a 55–45 vote, falling short of the 60 votes needed to advance.
President Donald Trump defended the move, calling it a chance to make “irreversible” cuts to spending and federal programs. His comments signaled a potentially prolonged standoff, raising concerns about the broader economy.
The shutdown also fueled uncertainty around the release of Friday’s U.S. nonfarm payrolls report. Any delay or disruption to the data could cloud the labor market outlook and complicate Federal Reserve policy decisions.
Crypto sentiment pressured despite ‘Uptober’ trend
Bitcoin had earlier gained on seasonal optimism tied to October, often referred to as “Uptober.” But momentum has since stalled amid the risk-off mood.
Cryptocurrencies, considered high-risk assets, faced added pressure from fiscal and monetary uncertainty in the U.S. Meanwhile, gold prices hit a record high on Wednesday, while global stock markets retreated.
Altcoins stay subdued
Most altcoins traded lower or flat. Ethereum slipped 1.1% to $4,141.69, while XRP dropped 1.7% to $2.85. Solana lost 0.5%, while Cardano and Polygon were unchanged.
Among meme tokens, Dogecoin stayed flat, while $TRUMP fell 1.8%.
