Bitcoin (BTC) surged past the $119,000 mark late on Thursday as the US government shutdown fueled investor demand. The shutdown saw market uncertainty spike, while seasonal tailwinds pushed prices out of the late September slump. The flagship cryptocurrency is up nearly 1% during the ongoing session, trading around $119,810 as buyers eye $120,000. Japanese Firm MBK Announces Bitcoin (BTC) Investment Japanese loan company MBK has completed a $2 million investment in Bitcoin (BTC) . The company has also announced a partnership with a major domestic cryptocurrency exchange. The deal will see MBK partner with FINX JCrypto, the entity behind the Coin Estate exchange. MBK stated in a press release that it had acquired 300 million yen ($2,037,836) worth of BTC using its balance sheet. The acquisition, signed off by the company’s board, allowed the firm to acquire 17.7 BTC for 17 million yen ($115,529) per coin. The company added that it was investing in the asset to protect itself against the prolonged depreciation of the yen and inflationary forces, adding that it will use BTC for investment purposes and provide its own real estate services. Altcoin Season Unlikely Vugar Usi Zade, the operating chief of Bitget, believes the market is unlikely to witness an altcoin season. Usi Zade argued that markets are focused on narrower trends or solely on Bitcoin (BTC) . He stated during an interview, “I don’t think there will be an altseason. The whole idea that ‘this is altseason [...] and everything will go up because it’s altseason,’ we won’t see that, and I’m very firm in that. I don’t think we will see that huge pump, unfortunately, because there’s no logical reason behind it. There haven’t been any technological advancements. We haven’t seen any big things coming out of projects. Why would the price go up? Just because now it is the time? It’s not.” According to Usi Zaidi, the market is moving away from altcoin seasons, with shorter and more frequent cycles as the market decouples from Bitcoin. Sweden Eyes Bitcoin (BTC) Reserve Two members of the Swedish parliament have proposed that the country explore the feasibility of a strategic Bitcoin reserve to address inflation concerns and diversify its holdings. The proposal, sent to the Riksdag on Wednesday, states that, given other countries, including the US, are creating a reserve, Sweden must “participate in this digital arms race and join the growing group of nations that have accepted and recognized Bitcoin’s potential.” Democrats Dennis Dioukarev and David Perez proposed funding the reserve through seized Bitcoin , but stated that the decision of who will manage the assets is an “open question.” “Sweden's Parliament acts on Bitcoin. After JAN3's presentation at the Swedish Parliament, MPs have submitted a motion to establish a Strategic Bitcoin Reserve and, crucially, to formally declare that Sweden will not introduce a CBDC.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) is eying a move past the crucial $120,000 level for the first time since August as bullish sentiment returns. The flagship cryptocurrency has rallied after a difficult September during which its value plunged to a low of $107,250. BTC has raced past key levels this week, crossing $112,000 on Monday and surging past $118,000 on Wednesday. The price is up almost 1% during the ongoing session. The rally is primarily due to the US government shutdown, which injected uncertainty into the markets. As a result, traders pivoted to safe-haven assets like BTC and gold. Seasonal tailwinds for crypto have also lifted prices out of their recent slump. October has been Bitcoin’s strongest month, and is referred to as “Uptober” due to the extent of the gains made. Analysts have highlighted several catalysts that could contribute to a bullish setup in October. The Treasury General Account, as good as the government’s checking account, is topped up, easing liquidity concerns. Stablecoin activity has also added another layer of support for the broader crypto ecosystem. Hashdex chief investment officer Samir Kerbage stated, “I believe that the next wave of crypto adoption will come from stablecoin adoption. And that's going to be very positive for crypto overall. This is a trend that might take 6 months to one year to start to reflect on prices.” BTC ended the previous weekend in the red, dropping 0.41% to $115,282 on Sunday. Selling pressure intensified on Monday as the price fell by over 2% to $112,736. Sellers retained control on Tuesday with BTC falling 0.64% to a low of $111,502 before settling at $112,017. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 1% to reclaim $113,000 and settling at $113,348. Bearish sentiment returned on Thursday as BTC plunged nearly 4%, slipping below $110,000 and settling at $109,035. Source: TradingView BTC recovered on Friday, rising 0.61% but was back in the red on Saturday, registering a marginal decline and settling at $109,681. Bullish sentiment intensified on Sunday as BTC rallied, rising over 2% to cross $112,000 and settle at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment returned on Wednesday as BTC rallied, rising over 4% to cross $118,000 and settle at $118,659. The flagship cryptocurrency has crossed $120,000 during the ongoing session, up over 1% and trading around $120,130. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
