Simply put
- Ethereum has crossed the $3,600 mark for the first time in nearly a week.
- The ongoing government shutdown has set a record at 40 days.
- XRP and Solana have both seen a rise of about 6% recently.
Bitcoin has surged past $106,000, hitting this milestone for the first time in almost a week, following various reports that the US Senate has come to an agreement to conclude the lengthy 40-day government shutdown, the longest in US history.
The leading cryptocurrency by market cap has increased more than 4%, as per data from CoinGecko. Other notable digital currencies have also seen a significant uptick. For instance, Ethereum, the second-largest by market capitalization, recently rose above $3,600, achieving over a 7% increase. Likewise, both XRP and Solana, ranking fourth and sixth respectively, are each up around 6%.
Bitcoin has dipped below $100,000 on more than one occasion for the first time since early August, and the ongoing government stalemate appears to be bearing heavy influence as it continues beyond a month. Despite the fluctuations, BTC is still over 15% below its historic high of more than $126,000 reached in early October. In the same timeframe, Ethereum also lost ground as investors moved away from riskier assets.
Markets have been tumultuous lately, with investor anxiety not just revolving around the government shutdown but also broader macroeconomic issues. In the past eight trading days, 11 Bitcoin Spot ETFs have collectively lost over $2.1 billion in assets, while net outflows from nine Ethereum funds have completely reached $579 million.
Cryptocurrency-related stocks have taken a hit as well. Major exchange Coinbase saw its stock drop more than 9%, and Bitcoin Treasury Strategies fell over 8% last week.
As of now, reports indicate that Senate Democrats and Republicans have come to an agreement to reopen the government. This breakthrough came when a faction of moderate Democrats consented to vote in support of a procedural motion to facilitate government funding.
While Democrats had sought to extend healthcare subsidies to lessen premium costs, the length of the government shutdown seemed to overshadow those discussions.
In Myriad’s prediction market, there’s now a greater than 90% probability that the government shutdown will conclude by November 15, a notable jump from approximately 37% just 24 hours prior. Myriad is a component of Dastan, which is the parent company of Decryption.
This article covers breaking news and is subject to updates with additional information.
