Bitcoin Defies Government Shutdown Fears, Holds Strong Above $114K as ’Uptober’ Looms
Digital gold proves its mettle while traditional markets wobble.
The Unshakeable Asset
Bitcoin maintains its position above $114,000 despite political turbulence and government shutdown concerns. The flagship cryptocurrency demonstrates remarkable resilience while traditional finance holds its breath.
Seasonal Momentum Building
Market participants eye the historical pattern of October outperformance—dubbed 'Uptober'—as the next potential catalyst. The digital asset continues to attract capital while politicians debate budget bills.
Decentralized Strength
While government institutions face potential paralysis, Bitcoin's network hums along unaffected—proving once again that code might just be more reliable than congressional consensus. Another reminder that your portfolio doesn't care about political theater.
Three pieces of encouraging news
The fortunes of Bitcoin miners, it almost goes without saying, are quite dependent on the performance of the leading cryptocurrency. One dynamic that helped Cipher Mining's stock substantially on Monday was the encouraging rise in the value of Bitcoin, which was up by 3% in the preceding 24 hours as of this writing.
Image source: Getty Images.
That, combined with that trio of price target raises, put the sizzle in Cipher Mining's stock.
Specifically, the three raisers were H.C. Wainwright, Keefe, Bruyette & Woods, and Rosenblatt. And these weren't incremental lifts, either. Bill Papanastasiou felt compelled to double his fair value assessment, flagging Cipher Mining as now being worth $13 per share from his previous $6.50.
H.C. Wainwright's Mike Colonnese topped this by cranking his price target to $17 per share from $7.50. Chris Brendler of Rosenblatt was relatively more restrained, upping his to $14 from $9.
All three analysts maintained their equivalents of buy recommendations on Cipher Mining.
A historical first
The trio also cited one piece of recent news as a reason behind their increases. Last Thursday, Cipher Mining announced that it signed its first high-performance computing (HPC) co-location contract. Specifically, it is partnering with artificial intelligence (AI) cloud platform developer Fluidstack in a 10-year arrangement that kicks off in October. 2026.
