The US government has been shut down for over a month. While this has negatively impacted markets, including cryptocurrencies, the long-awaited agreement may finally be coming.
The first step toward reopening the government has been taken, with the US Senate passing a temporary funding bill that will fund the government until January, according to The Block.
The bill passed with 60 votes in favor and 40 against. This decision followed reports that senators had reached a partial deal to end the government shutdown.
Fourteen previous Senate votes failed to meet the 60 votes needed to enact the budget bill. While there are still hurdles to overcome, this vote paves the way for the shutdown to end by the end of this week.
The bill must pass the House of Representatives before it goes to US President Donald Trump’s desk for signature.
As you may recall, Donald Trump also stated that he believed the shutdown would end soon.
Bitcoin and Altcoins Started the New Week with an Uptrend!
Bitcoin (BTC), Ethereum (ETH) and altcoins are on the rise, fueled by renewed optimism in global markets following news that the government shutdown in the US may soon end.
Bitcoin rose 4.5% in the last 24 hours to $106,100, while Ethereum rose 6.5% to $3,600. XRP gained 8.4%, BNB gained 3%, and Solana gained 7%.
Peter Chung, Head of Research at Presto Research, said the positive political move from the Senate has helped ease recent market pressures.
“The prolonged closure reduced market liquidity and exacerbated market tensions over the past few weeks,” Chung said. “However, the fact that this situation is now fading paves the way for risk assets to price in a positive macro environment, namely looser monetary policy, the end of trade disputes, and ahead of next year’s midterm elections.”
Vincent Liu, chief investment officer at Kronos Research, also said that the rise in Bitcoin and altcoins was helped by decreasing macro uncertainty and renewed policy optimism.
*This is not investment advice.