Crypto traders have raised their bets that the U.S. government shutdown will end as early as this week, after the Senate advanced a short-term funding bill last night. The crypto market is already pricing in the possibility of the shutdown ending soon, with Bitcoin reaching the $106,000 mark today.
Crypto Traders Predict U.S. Government Shutdown Could End This Week
Data from the crypto prediction platform Polymarket shows that traders predict that the shutdown will end by Friday, November 14. There is currently an 86% chance that it will happen between now and November 15. However, since Congress is unlikely to meet on Saturday, they could pass a resolution by Friday.
This development follows the Senate’s 60-40 vote yesterday to advance a short-term funding bill. According to an ABC report, the Senate will reconvene again today to work towards ending the government shutdown. These senators will still need to conduct another vote to pass the funding bill.
Meanwhile, the U.S. House will also need to vote on the funding bill before it heads to the White House for U.S. President Donald Trump’s signature. However, the markets are already optimistic that this bill will pass this week, potentially ending the shutdown, which has lasted over 40 days.
As CoinGape reported, Bitcoin and altcoins rallied after the Senate reached a deal to pass the funding bill to end the U.S. government shutdown. BTC has broken above $106,000 today and is up almost 4% in the last 24 hours. ETH, XRP, BNB, and SOL have also recorded significant gains.
What An End To The Shutdown Means For Crypto
An end to the shutdown is significant for the crypto industry, besides its impact on crypto prices. For instance, this would pave the way for the Senate to proceed with talks on the crypto market structure bill.
CoinGape reported that the markup phase of the bill could take place in December amid bipartisan talks. The markup phase was initially scheduled for September but was delayed, in part, by the government shutdown, which began in October.
Meanwhile, market expert Nate Geraci noted that the government shutdown ending equates to “spot crypto ETF floodgates” opening. These crypto ETFs have faced a delay in launch because the SEC was unable to make the registration statements effective during the shutdown.
Geraci added that in the meantime, the first ’33 Act XRP ETF could launch this week. CoinGape reported that Canary Capital could launch its XRP fund this week after it updated its S-1 to remove the delaying amendment from its initial filing.
Source: https://coingape.com/crypto-traders-bet-on-government-shutdown-ending-by-november-14/
