Leading cryptocurrencies rallied alongside stock futures Sunday overnight amid reports that the 40-day federal shutdown will end.
Cryptos End Tough Week On A High
Bitcoin rallied to an intraday high of $106,564.70, with trading volume surging nearly 30% in the last 24 hours. Ethereum also rallied over 7%, ending an otherwise losing week on a strong note.
Bitcoin and Ethereum declined 3.56% and 5.31%, respectively, over the last week.
Meanwhile, Bitcoin’s dominance fell below 60%, while ETH’s market share remained broadly unchanged around 12%.
Nearly $360 million was liquidated from the cryptocurrency market in the last 24 hours, with $258 million in bearish shorts wiped out, according to Coinglass.
Bitcoin’s open interest rose 1.85% while funds locked in Ethereum’s derivatives surged 9.5% over the last 24 hours.
The market sentiment improved from “Extreme Fear” to “Fear,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.56 trillion, increasing by 3.51% in the last 24 hours.
Stocks Spike On Hopes Of Government Shutdown
Stock futures rallied overnight on Sunday. The Dow Jones Industrial Average Futures rose 119 points, or 0.25%, as of 7:41 p.m. EDT. Futures tied to the S&P 500 gained 0.40%, while Nasdaq 100 Futures lifted 0.60%.
The Senate moved toward a vote to end the record 40-day government shutdown after centrist Democrats struck a deal with GOP leaders and the White House to temporarily fund the government through January in exchange for a future vote on extending ACA subsidies. The shutdown has disrupted air travel, food aid, and federal services nationwide.
Goldman Sachs said in a note to clients that the standoff could shave more than a full percentage point off U.S. GDP growth in the final quarter of 2025, cutting it to just 1%.
Why $3,700 Is Important For ETH?
BitMEX co-founder Arthur Hayes suggested that the possible end of the government shutdown could have bullish implications for Bitcoin.
“USG is back doing what it does best, printing money and handing out goodies. $BTC and $ZEC 2 da moon,” Hayes wrote.
Widely followed cryptocurrency analyst and trader LSTRADER identified $3,700 as key resistance for Ethereum, reclaiming which would propel the cryptocurrency to new all-time highs.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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