Crypto markets saw a surge during Monday’s trading, as financial concerns in some of the world’s largest economies escalated, boosting the appeal of alternative assets like gold and cryptocurrencies.
Bitcoin rose 0.95% to $123,795, according to Coinbase data, after surpassing $125,000 over the weekend, marking an all-time high.
Ethereum also rose 0.91% to $4,541.01, Ripple rose 0.24% to $2.9795, and Dogecoin gained 0.67% to $0.25.
This performance comes amid a decline in the Japanese yen as Sanae Takaichi, a supporter of economic stimulus plans, approaches the presidency of the Japanese Prime Minister.
In addition, there is ongoing pressure on the United States due to the federal government shutdown and renewed political uncertainty in France.
Chris Weston, head of research at Pepperstone Group, said these conditions give investors a reason to invest in gold and Bitcoin as a hedge against depreciation, according to Bloomberg.
