On October 4, 2025, the world of finance found itself at a crossroads: cryptocurrencies and gold, two very different but often-linked havens for investor anxiety, both surged to remarkable heights amid a backdrop of political turmoil and shifting economic expectations. The numbers alone tell a story of historic momentum, but the forces driving these markets—and the risks lurking just beneath the surface—are far more complex.
According to data from Coinmarketcap, by 7:10 AM Vietnam time on October 4, Bitcoin was trading at $122,185, marking a 1.22% increase over the previous 24 hours. That price capped off a week in which Bitcoin soared past the $120,000 mark, notching a 10% gain in just seven days. The broader cryptocurrency market was equally buoyant: global crypto market capitalization hit $4.05 trillion on October 2, up more than $330 billion—or nearly 9%—compared to the previous week. This figure stands just shy of the all-time high of $4.1 trillion set on September 18, as reported by DNTT.
But Bitcoin wasn’t the only digital asset basking in the glow. Ethereum, the second-largest cryptocurrency by market cap, saw a jump of more than 17% in the same seven-day span, reaching over $4,500. Other major coins, including Solana and XRP, joined the rally, underscoring the breadth of optimism sweeping through the digital asset landscape.
So what’s behind this crypto surge? The answer, it seems, lies as much in Washington, D.C. as it does in Silicon Valley or global trading hubs. The United States government’s announcement that it would halt most operations—its 15th shutdown since 1981—sent ripples through global financial markets. This shutdown, the first in six years since the record-setting 35-day closure, has led to the suspension of scientific research, the delay of economic data releases, and the freezing of various financial management activities, according to reporting by QDND.
Historically, government shutdowns have triggered instability across the financial spectrum. The U.S. dollar tends to weaken, stock markets become volatile, and bond yields spike as investors scramble for safe ground. In such moments, alternative assets like gold and, increasingly, Bitcoin, become the go-to shelters. As DNTT notes, “Investors tend to move capital to alternative assets like gold and Bitcoin during such instability.”
Supporting this trend, corporate treasuries and institutional investors have been accumulating Bitcoin at a rapid pace. Data from Bitcoin Treasuries indicates that publicly listed companies now collectively hold nearly 1,040,000 BTC—a testament to the growing mainstream acceptance of digital assets as a hedge against systemic risk.
Yet, the mood is anything but uniformly euphoric. Experts are quick to caution that the current upswing could reverse just as quickly. Should the U.S. Congress reach a last-minute budget agreement or if the Federal Reserve signals a more hawkish stance on interest rates, market sentiment could shift in a heartbeat. There’s also the ever-present risk of short-term profit-taking as Bitcoin edges closer to its historical price highs.
Meanwhile, the gold market has been charting its own dramatic course. On the same day that cryptocurrencies were notching new milestones, domestic gold bar prices in Vietnam fell by 200,000 VND per tael across major brands such as SJC, PNJ, Bảo Tín Minh Châu, DOJI, and Phú Quý. The new trading range for gold bars landed between 135.1 and 137.8 million VND per tael. In contrast, gold receipt prices remained stable, and the global gold price increased, with spot gold reaching $3,885 per ounce—a 1.10% climb over the previous 24 hours.
The gap between domestic and global gold prices stood at about 14 million VND per tael, highlighting persistent local market dynamics. U.S. December gold futures also rose by 0.9% to $3,902.60 per ounce, according to QDND. Perhaps most notably, gold prices have now risen for seven consecutive weeks, buoyed by mounting concerns over the economic fallout of the prolonged U.S. government shutdown and growing expectations of interest rate cuts.
Jim Wyckoff, a senior analyst at Kitco Metals, summed up the prevailing sentiment: “I think that the longer the government shutdown lasts, the more it becomes a stable bullish factor for the gold market.” The shutdown’s reach has been broad, halting not just the gears of government but also delaying critical economic data, such as the U.S. nonfarm payrolls report, and forcing investors to rely on alternative indicators that suggest a cooling labor market. This, in turn, has fueled speculation that interest rate cuts are on the horizon.
According to CME Group’s FedWatch tool, investors are now betting with 98% confidence on a 25 basis point rate cut in October and see a 90% chance of a similar move in December. The prospect of easier monetary policy, combined with a weaker dollar and geopolitical uncertainties, has prompted major banks to issue bold predictions for gold’s future. UBS expects gold to climb to $4,200 per ounce in the coming months, arguing that “the opportunity cost of holding gold is falling thanks to lower real U.S. interest rates, while expectations of a broadly weaker dollar are another driving force.” HSBC, meanwhile, forecasts that gold could rise above $4,000 per ounce in the short term, citing risks such as financial instability and threats to the independence of the U.S. Federal Reserve.
HSBC also offers a note of caution: if the Federal Reserve cuts rates less aggressively than expected this year and next, the pace of gold’s ascent could slow. Still, the bank believes the rally could continue into 2026, supported by official sector buying and robust institutional demand for gold as a diversification tool.
Against this backdrop, the interplay between gold and Bitcoin has never been more fascinating. Both are seen as hedges against uncertainty, yet they draw their strength from different sources—gold from millennia of tradition and Bitcoin from the promise of a decentralized future. As investors weigh the risks of political gridlock and shifting monetary policy, these two assets remain at the center of the global conversation about how best to weather the storms of modern finance.
For now, the message from the markets is clear: in times of turmoil, the search for safe havens takes on renewed urgency. Whether the rally in gold and cryptocurrencies will persist depends not just on headlines from Washington, but on the evolving calculus of risk, reward, and resilience in an unpredictable world.
