The S&P 500 Index climbed 0.1% on Wednesday, while the Nasdaq 100 advanced 0.4%.
The increasing prospects of a US federal government shutdown has some Bitcoin advocates predicting a rally similar to one that happened in response to the regional bank crisis earlier this year.
A US government shutdown would have a cascading economic effect. Federal contractors ranging from Elon Musk’s SpaceX to janitorial service providers for local federal buildings are bracing for up to $1.9 billion a day in lost and delayed revenue as funding lapses October 1. The blow would hit as anxiety in financial markets over high interest rates, rising oil prices and labor strikes already weigh on markets.
Butterfill notes there is relatively “scant” media coverage and discussion on the shutdown’s effect on Bitcoin prices as compared to earlier this year, signaling a quieter market.
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