Bitcoin, Ethereum, XRP Rise As Shutdown Deal Emerges

Bitcoin climbed above $106,000, its highest level in nearly a week, spurred by reports of a U.S. Senate agreement to end the 40-day government shutdown, the longest in U.S. history. According to CoinGecko, Bitcoin was recently up more than 4%.

Ethereum, the second-largest cryptocurrency by market capitalization, also saw positive movement, trading above $3,600, a more than 7% gain. XRP and Solana, the fourth- and sixth-largest cryptocurrencies respectively, climbed approximately 6% each.

The government shutdown, spanning over a month, had previously pressured Bitcoin, pushing it below $100,000 for the first time since early August. BTC remains over 15% below its record high above $126,000, set in early October. Ethereum has experienced a larger decline during the same period.

Market volatility has been heightened in recent weeks due to the shutdown and broader macroeconomic concerns. Spot Bitcoin ETFs have seen over $2.1 billion in outflows in the last eight trading days, while nine Ethereum funds have recorded net outflows totaling $579 million.

Crypto-related stocks have also suffered. Coinbase plunged over 9% last week, and Bitcoin treasury Strategy fell over 8%.

According to reports from Politico, The Wall Street Journal, and The New York Times, Senate Democrats and Republicans have reached an agreement to reopen the government. The resolution followed concessions from moderate Democrats to support procedural motions for government funding.

A prediction market on Myriad indicated a greater than 90% probability of the shutdown ending before November 15, a significant increase from approximately 37% in the previous 24 hours. Myriad is a unit of Dastan, Decrypt’s parent company.

This is a developing story and may be updated with additional details.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.