Why Is Crypto Up Today?

TLDR

• The US Senate reached a bipartisan deal to end the 40-day government shutdown, the longest in US history
• Bitcoin jumped above $106,000 and the total crypto market cap increased by $128 billion in 24 hours
• Ledger is considering an IPO in New York as demand for self-custody wallets grows after $2.17 billion in crypto thefts in early 2025
• Former Ohio State Treasurer Josh Mandel lost over $1.2 million on BlackRock Bitcoin Trust call options
• Bitcoin and spot ETFs have seen over $2.1 billion in outflows over the past eight trading days

The crypto market saw a sharp rally on November 10 as the US Senate reached an agreement to end the 40-day government shutdown. Bitcoin rose above $106,000 for the first time in nearly a week.

The largest cryptocurrency gained more than 4% following multiple reports of the Senate deal. The total crypto market capitalization increased by $128 billion in 24 hours to reach $3.53 trillion.

Ethereum climbed above $3,600, posting a gain of more than 7%. XRP and Solana both rose approximately 6% as investors returned to risk assets.

The government shutdown had weighed on crypto prices throughout its duration. Bitcoin fell below $100,000 several times during the impasse for the first time since early August.

The longest government closure in US history created uncertainty across financial markets. Investors pulled money from crypto investments as the political deadlock continued.

ETF Outflows During Shutdown

The 11 spot Bitcoin ETFs lost more than $2.1 billion in assets over the past eight trading days. The nine Ethereum funds saw net outflows totaling $579 million during the same period.

Crypto-related stocks also declined during the shutdown. Coinbase dropped more than 9% last week while Bitcoin treasury company Strategy fell over 8%.

Senate Democrats and Republicans reached the deal after moderate Democrats agreed to vote for procedural motions to fund the government. Democrats had previously demanded extended health subsidies but appeared to prioritize ending the shutdown.

A Myriad prediction market showed users giving over 90% odds that the government closure would end before November 15. This probability increased from about 37% over the previous 24 hours.

Wallet Maker Eyes Public Listing

Ledger announced it is considering an IPO in New York or a fresh funding round. The French hardware wallet maker cited growing demand for self-custody solutions.

The move comes after crypto thefts reached $2.17 billion in early 2025. Rising security concerns have pushed more users toward hardware wallets.

Former Ohio State Treasurer Josh Mandel disclosed losing over $1.2 million on call options linked to BlackRock’s iShares Bitcoin Trust. He had predicted Bitcoin would reach $444,000 by November 8.

The total crypto market cap now sits just below the $3.56 trillion resistance level. Bitcoin remains more than 15% below its record high above $126,000 set in early October.

Monero gained 15% in the last 24 hours as altcoins participated in the market recovery. Bitcoin was trading at $105,949, holding above the key $105,000 psychological support level.

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