- Bitcoin surpassed $106,000 amid reports of a U.S. Senate deal to end the 40-day government shutdown.
- Ethereum rose above $3,600, gaining more than 7%, while XRP and Solana increased about 6% each.
- The government shutdown is the longest in U.S. history but shows signs of resolution with bipartisan agreement.
- Bitcoin and Ethereum investment funds experienced significant outflows in recent weeks due to market uncertainty.
- Crypto stocks like Coinbase and Bitcoin Treasury Strategy also faced notable price declines during the shutdown period.
The price of Bitcoin, the largest cryptocurrency by market value, climbed above $106,000 for the first time in nearly a week. This rise coincided with multiple reports indicating that the U.S. Senate had reached an agreement to conclude the 40-day government shutdown, the longest in the country’s history.
Following Bitcoin‘s over 4% increase, other major cryptocurrencies showed similar growth. Ethereum, the second-largest by market capitalization, traded above $3,600, representing a gain of over 7%. Meanwhile, XRP and Solana, ranked fourth and sixth, respectively, each advanced by roughly 6% (as reported by CoinGecko).
The extended government impasse had exerted downward pressure on the crypto market. Bitcoin had fallen below $100,000 several times, levels not seen since early August. It remains more than 15% below its October peak near $126,000. Ethereum experienced even larger losses as investors retreated from riskier assets.
Market volatility extended to investment funds and stocks linked to cryptocurrencies. Over the past eight trading days, 11 spot Bitcoin ETFs recorded asset reductions totaling over $2.1 billion, while nine Ethereum funds saw net outflows of $579 million. Stocks such as Coinbase, a leading crypto exchange, dropped over 9% last week, and the Bitcoin Treasury Strategy fund fell more than 8%.
Recent developments brought hopeful signs for ending the shutdown, with Senate Democrats and Republicans agreeing on a deal to reopen the government. This followed a group of moderate Democrats consenting to procedural motions to restore funding. The stalemate had centered on extending health subsidies aimed at lowering insurance costs but was ultimately outweighed by the imperative to end the shutdown.
A prediction market operated by Myriad, a unit of Dastan, reported a more than 90% chance that the government shutdown would end before November 15, up from about 37% a day earlier.
This article is based on ongoing news and may be updated with further details as developments continue.
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