Bitcoin Soars to $124K Amid Gov’t Fiasco: Workers Beware, Elites Laughing! 😂

by

Markets

What to know:

  • BTC crept close to its lofty peak on Sunday’s Asian grind, but couldn’t quite cling to the gains-typical, like a worker’s wage slipping through fingers! 😏
  • The U.S. spot ETFs sucked in a whopping $3.24 billion by Oct. 3, more cash flooding in than sense.
  • Uncle Sam’s shutdown? Oh, what a perfect storm for BTC, that electronic mousetrap snatching up the scaredhaven seekers. 😂

Ah, comrades, behold Bitcoin‘s wild dance in the Asian dawn-leaping from $122,000 to $124,289 in mere minutes, teasing that August high of $124,429 like a siren’s song. But alas, it faltered, just as the downtrodden often do against the mighty currents of capital.

This surge erupted after U.S. spot ETF funds gulped down $3.24 billion last week, the second fattest feast in history, courtesy of SoSoValue’s cunning scribes. Greed, thy name is crypto! 🚀

And the lesser coins? XRP, ETH, SOL, DOGE-they trailed their king, gaining 1% to 3%, like peasants nodding in agreement with their overlords. Good boys, chasing the scraps.

Haven demand

This BTC bacchanal brews amid the U.S. government’s splendid shutdown-a chaotic circus where the clowns in power can’t even keep the lights on, driving the fearful to Bitcoin’s digital sanctuary. Sarcasm aside, it’s a fine time for safe havens, innit? 😜

Jeff Dorman from Arca wisely quipped just before the farce, “I only snatch BTC when society’s faith in governments and banks crumbles. Sounds like a steal ahead of another shutdown.” Preach on, brother-when the officials scramble, the speculators feast!

Beyond this political pandemonium, the macroeconomic gurus spin tales of bigger beasts: wars brewing, inflation sneaking up like a thief, currencies wobbling under global debt orgies. 🤑

Noelle Acheson, scribe of Crypto Is Macro Now, lays it bare: “Amid rising conflict risks, U.S. inflation’s poised to climb, not dip; worldwide borrowing stirs currency nightmares. What props up gold? You guessed it, BTC-still pitifully undervalued in portfolios.”

“And behold the floodgates: lower rates, curve controls, endless printing of greenbacks to grease the global gears, spilling liquidity into risky tucked-away corners,” she adds. Translation? More money for the games, while workers toil in the shadows. Bitter pill, but swallow it with a smirk.

In essence, BTC’s gearing up for October’s bullish spree-trading near $124,080 as I pen this, per CoinDesk. Ah, the cruelty of peaks and valleys, mirroring life’s cruel farce. Who knows, maybe next week it’ll crash harder than a miser’s dreams! 🤡

Read More

2025-10-05 07:09