Bitcoin climbed above $120,000 on Thursday for the first time in seven weeks as the US government shutdown prompted investors to seek refuge in alternative assets. The cryptocurrency attracted $1.5 billion in exchange-traded fund inflows this week, and it has gained approximately 10 percent since Friday. The token reached $120,163 in afternoon trading in New York after setting an all-time high of $124,514 on Aug. 14.
Smaller digital currencies posted stronger gains, with Solana advancing 5.7 percent, Litecoin rising 6.7 percent, and Dogecoin climbing 4.7 percent. Crypto-related equities rallied as Coinbase Global jumped 7.8 percent, Strategy increased 3.5 percent, and MARA Holdings edged up 2.1 percent. Analysts noted that persistent...