Bitcoin surged past $117,000 on Wednesday as the long-anticipated “Uptober” rally kicked off, a month traders often associate with strength in the crypto market.

The token rose 3% in the past 24 hours, climbing as high as $117,150 by 10:03 ET (14:03 GMT).

“Uptober”—a mix of “Up” and “October”—is a term coined to capture the pattern of October gains, and the early momentum suggests this year could be no exception.

Before the jump, Bitcoin moved in a tight range as investors turned cautious amid the onset of a U.S. government shutdown and uncertainty about the timing of key economic releases.

The world’s largest cryptocurrency saw a sharp rebound at the start of the week due to whale accumulations, after having dropped sharply in the previous week amid heavy liquidations and selling pressure.

US govt shutdown begins; concerns over jobs data intensify

The federal government began a partial shutdown at 04:00 GMT after lawmakers failed to agree on a stopgap funding bill. 

The Senate on late Tuesday rejected a Republican measure in a 55-45 vote, having required at least 60 votes to pass, leaving federal agencies without funding.

President Donald Trump defended the shutdown, saying it would give his administration room to take “irreversible” actions, including closing federal programs and cutting spending. 

His remarks signalled a prolonged standoff that could deepen the economic impact.

The shutdown has added uncertainty around the release of U.S. non-farm payrolls data scheduled for Friday this week. Delays or disruptions to the jobs report would cloud the outlook for the labour market and complicate the Federal Reserve’s next policy decision.

Cryptocurrencies, often viewed as high-risk assets, were also being pressured by the uncertainty surrounding U.S. fiscal policy and monetary expectations.

Gold prices hit a fresh record high on Wednesday, while global stock markets retreated, reflecting the broader risk-off sentiment.

BoE’s Bailey: Stablecoins must be regulated like money

Stablecoins that become widely used for payments in Britain should be subject to the same rules as bank deposits, Bank of England Governor Andrew Bailey said on Wednesday. That would mean depositor protection and access to the central bank’s reserve facilities.

Bailey’s comments, reported by the Financial Times, reflect a shift in tone from his earlier scepticism toward cryptocurrencies. He said it would be “wrong to be against stablecoins as a matter of principle,” while stressing that their current use as an on-and-off ramp for crypto trading does not yet make them a money-like means of payment.

The BoE will release a consultation paper on stablecoins in the coming months. “In doing so, we will set out that widely used UK stablecoins should have access to accounts at the BoE in order to reinforce their status as money,” Bailey said.

He added that “banks and stablecoins coexisting and non-banks carrying out more of the credit provision role” was a possibility, though such changes would need careful scrutiny.

Crypto price today: altcoins track Bitcoin’s gains

Following Bitcoin’s upswing, most altcoins followed suit on Wednesday.

World no.2 crypto Ethereum jumped around 4% to $4,300.70.

World no. 3 crypto XRP rose 3.6% to $2.94.

Solana added 6.1%, while Cardano and Polygon climbed 6.2% and 4%, respectively. 

Among meme tokens, Dogecoin leaped 6.5%, while $TRUMP added around 3%.