Bitcoin is trading sideways around the 114,000 USD on Thursday as concerns mount over a potential U.S. federal government shutdown.
Global cryptocurrency data platform CoinMarketCap reported that Bitcoin was trading in the 114,000 USD range as of 10:30 a.m., dipping 0.22% from the previous day’s close. The cryptocurrency has seen a 1.70% uptick over the last seven days.
In South Korea, Bitcoin is trading at approximately 163 million KRW (about 116,000 USD). The Korean premium, as calculated by cryptocurrency market comparison platform Cryprice, stands at 1.47%.
Market analysts attribute the current trading range to growing fears of a U.S. government shutdown. If Democrats and Republicans fail to reach an agreement on a temporary budget by midnight, federal operations will be suspended.
The U.S. government shutdown would paralyze major government agencies and halt the release of key U.S. economic data. The U.S. Department of Labor has reportedly signaled its intention to delay the release of September’s economic indicators should a shutdown occur. Notably, the suspension of work at the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Federal Reserve could further postpone the enactment of cryptocurrency regulations.
Meanwhile, Ethereum is trading at 4,166 USD, down 0.92% from the previous session. XRP (Ripple) has slipped 1.00% to 2.84 USD.
