As the U.S. government entered a shutdown (temporary work stoppage), Bitcoin hit an all-time high.

A Bitcoin model sits on the floor at Bithumb Lounge Gangnam Main Branch in Gangnam and Seocho districts, with coin price graphs reflected on the floor. /Courtesy of News1

According to domestic and overseas cryptocurrency exchanges on the 5th, at one point in the afternoon the price of Bitcoin reached $125,689, surpassing the previous record of $124,514.

Since the 28th of last month, Bitcoin has shown a steep upward trend. It appears to be thanks to a bull run in the asset market driven by interest rate cuts and inflows through exchange-traded funds (ETF) linked to Bitcoin.

On top of this, as the U.S. federal government recently went into a shutdown, Bitcoin is also seen as being preferred as a safe asset. If the value of the dollar declines, Bitcoin can be a relatively stable asset.

In a recent report, Geoff Kendrick, head of global digital asset research at global investment bank Standard Chartered (SC) Bank, said, "Bitcoin may set a new all-time high," and analyzed that "it could continue to rise to $135,000."

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