Bitcoin Hits $120,000 for First Time Since Reaching Record High

Bitcoin rose to $120,000 for the first time since setting a record high seven weeks ago as speculation increases that the US government shutdown will drive investors to safe-haven assets.

The original cryptocurrency has long been referred to as “digital gold” by advocates, who see it serving a similar role as the precious metal during times of turmoil. Gold retreated from a record high Thursday.

“For the first time in a while, the macro theme seems to have taken hold of Bitcoin, which has seen $1.5 billion of ETF inflows week to date, and appears to be attempting to catch ...