Bitcoin jumped past $125,000 today, nearing its new all-time high as macroeconomic uncertainty and mounting political tensions in Washington pushed investors toward alternative assets.

The world’s largest cryptocurrency climbed more than 13% over the past week, rebounding from about $109,000 at the end of September to touch $125,750 over the weekend, according to Bitbio data. 

At the time of writing, Bitcoin is trading at $125,870.

The move comes as people expect the Federal Reserve to cut interest rates later this month, which could further fuel a rally in non-yielding and risk-sensitive assets.

The ongoing U.S. government shutdown is adding another tailwind to…

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