‘Good Time to Buy’ Crypto as 96% Expect US Govt to Reopen This Week
The expectations of economic relief in the US made breathing room for the crypto market on Monday, Nov. 10, after around five weeks of dominant selloffs.
CryptoQuant CEO Ki Young Ju says that Bitcoin BTC $105 161 24h volatility: 1.2% Market cap: $2.10 T Vol. 24h: $70.40 B whales have been selling “billions” since the asset hit $100,000.
He even believed that the “bull cycle was over.” However, the strong buying spree from BTC treasury companies, Strategy and Metaplanet, kept the bull market alive, Young Ju added.
The cryptocurrency market cap gained roughly $150 billion on Nov. 10 after the news of the Senate’s vote breaking the deadlock, which had been in place since Oct. 1, emerged. Coinspeaker reported that seven Democratic and one Independent senators joined the republicans to make the vote 60-40 to “invoke cloture.”
This helped BTC rise above the $100,000 mark as the market left the “extreme fear” conditions behind.
Will the Government Reopen This Week?
Despite the mild decline in the crypto market cap, currently at $3.54 trillion, and the Bitcoin correction to $105,000 over the past 24 hours, the overall macro sentiment remains strong.
According to a Polymarket poll, with a volume of $27.7 million, there’s only 1% chance for the US government shutdown to end today, on Nov. 11.
However, the betting platform shows that the possibility of resuming the US government between Nov. 12 and 15 has reached 96%. The remaining 4% expect the relaunch to happen after Nov. 16.
Despite the current selling pressure, the broader macroeconomic outlook seems positive, but buying highly volatile assets, cryptocurrencies, for instance, would still be considered a risky bet.
nextThe post ‘Good Time to Buy’ Crypto as 96% Expect US Govt to Reopen This Week appeared first on Coinspeaker.
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