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Bitcoin, Ethereum and XRP surged as a deal to end the US government shutdown neared and President Donald Trump pledged a $2,000 stimulus check for Americans.
XRP led gains among the biggest cryptos with a 10% surge, while BTC climbed 4%, and Ethereum 6% as market sentiment turned positive.
Bitcoin was able to bounce back from a 24-hour low of $101,521.76 to briefly break above the $106K mark and establish a daily high of $106,564.70. It has since retraced slightly to trade at $106,276.55 as of 3:04 a.m. EST. Meanwhile, ETH’s gain saw the altcoin king soar above $3,600.
Overall, the crypto industry’s market cap climbed more than 4% to reach $3.58 trillion, according to data from CoinMarketCap.
The buoyant mood was prompted by news that the Senate passed the first stage of a deal that would end the multi-week shutdown. Under the agreement, the US government will be funded through the end of January.
The legislation achieved a 60-40 vote in favor of advancing, and now needs to pass the House before it heads to Trump’s desk to be signed into law. This process is expected to take a few days.
According to a Polymarket contract asking when the shutdown will end, more than 80% of traders predict that it will be Nov. 14.
On Nov. 5, the shutdown became the longest in history and has currently been underway for more than 40 days, according to the White House’s Government Shutdown clock.
NovaDius Wealth President Nate Geraci said the end of the shutdown will lead to the “spot crypto ETF floodgates opening.”
Trump also gave the market a boost by pledging a $2,000 stimulus check for everyone in the US not on a high income.
The giveaway will be funded by revenue from trade tariffs, he said. All of the details regarding the payments are still be detailed, including who exactly will qualify, and when payments will be made.
Read more on InsideBitcoins.com
