- Bitcoin, Ethereum, and other leading cryptocurrencies recorded gains after the U.S. government shutdown ended.
- XRP surged over 4% as Nasdaq approved the first U.S. spot XRP ETF, slated for launch.
- Thousands of federal workers returned to work after President Donald Trump signed a bill to end the 43-day shutdown.
- Japan Exchange Group Inc. is considering new restrictions on digital-asset treasury companies amid concerns about the rapid growth of crypto holdings.
Bitcoin and other major digital currencies rose in early Thursday trading, responding to news that President Donald Trump signed a bill on Wednesday to end the United States’ 43-day government shutdown. This development allowed thousands of federal employees to return to work and reopened food aid programs for millions. The shutdown had also delayed key economic reports, including October job and inflation data.
According to CoinMarketCap data, Bitcoin increased 0.2%, reaching $103,471.89. Ethereum gained 2.9% at $3,538.77, while BNB rose 1.1% to $966. Other notable movements included a 0.2% increase in Solana and a 2.3% rise in Dogecoin.
XRP outperformed most top cryptocurrencies, gaining over 4% after Nasdaq verified the launch of the first U.S. spot XRP ETF. The new ETF, with ticker symbol XRPC, comes from Canary Capital and benefited from the SEC’s 8(a) automatic-effectiveness process, which allows new securities to be listed during government shutdowns without explicit regulatory approval. The ETF will keep tokens in custody through Gemini Trust Company and BitGo Trust Company, and it will use the CoinDesk XRP CCIXber benchmark for pricing. The product is expected to increase institutional interest in XRP after trading starts.
The end of the shutdown also coincided with subdued labor market data. Analysts at Goldman Sachs estimated a drop of about 50,000 non-farm payroll jobs in October and suggested payrolls may have shed another 100,000 positions due to delayed government resignations. Private-sector data and declining consumer sentiment could prompt the U.S. Federal Reserve to consider a 25 basis point rate cut in December.
On retail investor platforms, sentiment for Bitcoin shifted from bearish to neutral. One user remarked, “Fundamentals have never been stronger, and the Supply on exchanges hit a new All Time Low.. the big rebound run is absolutely coming.”
Separately, Japan Exchange Group Inc., which operates the Tokyo Stock Exchange, is weighing new policies to curb the growth of listed businesses holding large amounts of cryptocurrency. As reported by Bloomberg News, possible measures include stricter audits and tightening of backdoor listing regulations. Since September, three Japanese companies reportedly delayed crypto purchasing plans after pushback from the group, concerned about losses stemming from expanded crypto holdings.
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