XRP and Solana, the fourth- and sixth-largest coins, both climbed about 6% following multiple reports about the Senate deal.
Bitcoin News
Ethereum broke past $3,600 for the first time in almost a week, up more than 7% over the past 24 hours as the U.S. Senate reached an agreement to end the government shutdown. Meanwhile, Bitcoin jumped past $106,000 for the first time in nearly a week, recently up more than 4%.
XRP and Solana, the fourth- and sixth-largest coins, both climbed about 6% following multiple reports about the Senate deal.
The 40-day government shutdown is the longest in history, and the impasse seemed to weigh increasingly as it extended more than a month. Bitcoin tumbled below $100,000 on several occasions for the first time since early August during this period.
Bitcoin remains more than 15% off its record high above $126,000, set in early October. Ethereum has lost even more ground over the same period as investors veered away from risk-on assets amid macroeconomic uncertainties.
Over the past eight trading days, the 11 spot Bitcoin ETFs have lost more than $2.1 billion in assets, while net outflows for the nine Ethereum funds have totaled $579 million. Crypto stocks have also taken a battering, with exchange giant Coinbase plunging more than 9% last week and Bitcoin treasury Strategy falling over 8%.
Senate Democrats and Republicans reached a deal to reopen the government, according to reports in Politico, The Wall Street Journal, and The New York Times. The resolution came after a group of moderate Democrats agreed to vote in favor of procedural motions that would fund the government.
Democrats had insisted on extending health subsidies that would make insurance less expensive, although the length of the government shutdown appeared to trump those concerns. In a Myriad prediction market, users gave a more than 90% chance that the government closure will end before Nov. 15, rising from about 37% over the last 24 hours.
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