The Crypto market is showing signs of recovery, as several key factors contribute to renewed investor confidence. This week has two big events that have the potential to uplift the crypto market. The end of the government shutdown can give some credibility to the economy, which can lead to increased investment in digital assets. The release of the Federal Reserve budget data can provide helpful information and can perhaps drive a boom in the crypto-sphere.
The crypto market cap has increased by 4% to reach $3.57 trillion, which has been recorded in the last 24 hours. Bitcoin price hovered above $106k, and Ethereum has been recovering steadily.
Other altcoins such as Dogecoin, Shiba Inu, and Cardano have also seen a recovery, showing an increase in investor confidence. As prices have been skyrocketing in the recent past, and it appears to be on an upward trend, with prospects showing this trend as positive. The question many people are asking is whether the trend will be sustained in the next few days.
Crypto Market Set for Boost as Government Shutdown Ends This Week
The U.S Senate has enacted a compromise that would have ended the government shutdown, and this was a major move towards ending the 40-day shutdown. Upon intensive weekend deliberations, a few Democrats changed sides and voted with Republicans in favor of the measure. The 60-vote majority passed by the Senate was an indication that the government would be funded after the government had been closed since October 1.
Although this vote is a significant breakthrough, the deal has to be passed by the House of Representatives before it can completely restore federal operations. The deal also incorporates a December vote to expand healthcare subsidies, which will expire this year, as a priority of Democrats.
The shutdown has impacted extensively, and the air travel has been affected. 1.4 million federal workers are without pay as well as millions of low-income Americans receiving food benefits.
The negotiation by Senate Majority Leader John Thune and Democratic senators gives hope to the end of the longest shutdown in the U.S. history. This has the potential to catalyze the crypto market pump this week.
Federal Budget Data to Impact Markets
The Federal Budget Balance data will be published on Thursday, and it will provide an insight into the financial status of the government. This information will illuminate the trend of revenue and expenditure, which may affect Treasury yields.
An upward change in yields would lead to a capital flight into more risky markets, like cryptocurrencies, which would improve the market this week. In combination with this, nine Federal Reserve speaker events will be held, and they may also influence the sentiment of the market and investor behavior.
According to a recent X-post from KobeissiLetter, crypto events to watch this week, Markets will respond on Monday to the 2,000 tariff dividend. The NFIB Small Business Index information will be published on Tuesday. On Wednesday, there will be the OPEC Monthly Report. Another unstable week is likely to come in the markets.
In conclusion, the decision of the government shutdown and the publication of important economic statistics this week can spur the crypto market to further development. These events will be closely watched by the investors to check whether the market will keep up its pace.
Source: https://coingape.com/trending/top-2-things-that-could-pump-crypto-market-this-week/
