Bitcoin approached its all-time high as a broader risk rally around the US government shutdown buoyed the world’s largest cryptocurrency.

The token climbed above $123,000 for the first time since August, supported by the uptick in US equities and renewed inflows into Bitcoin-linked exchange-traded funds. Investors have speculated that the shutdown, which kicked in on Wednesday, will drive investors to safe-haven assets in what market participants have begun to call the “debasement trade.”