US Senate Passes Bill to End Government Shutdown, Crypto Sees Surge

TLDR

• The US Senate passed a bill late Monday to reopen the government after the longest shutdown in US history.
• Bitcoin surged by 6.7% following the Senate’s approval of the government reopening deal.
• Ethereum briefly rose to $3,636 before retreating to $3,550 amid market fluctuations.
• Ripple’s price increased by over 2% as part of the broader positive market movement.
• The bill is now heading to the House for a vote expected by November 12.

The US Senate passed a bill late Monday night to reopen the government after the longest shutdown in history. The bill now heads to the House for approval, with a vote expected on Wednesday. President Donald Trump expressed support for the bill, stating it was “very good” and expected to sign it into law.

Bitcoin Reacts to Government Shutdown News

Bitcoin surged by 6.7% on Monday following news of the Senate deal to reopen the government. The cryptocurrency reached a high of $106,000 before retracing slightly as traders took profits. Currently, Bitcoin is trading at $105,333, still down 11.85% over the past 90 days.

A rapid rise in Bitcoin price followed the optimism surrounding the Senate’s actions. Traders are quick to capitalize on any gains, which could explain the sharp price fluctuations. Despite the gains, Bitcoin’s price remains volatile, with fluctuating investor confidence.

Bitcoin’s recent movement reflects heightened interest in digital assets, especially when government-related news emerges. The prospect of the government shutdown ending sparked a positive market reaction. However, as prices retraced, it shows that traders remain cautious about long-term stability.

Ethereum and Ripple’s Price Movements

Ethereum also saw a brief jump to $3,636 before slipping back to $3,550. Ethereum’s movement followed Bitcoin’s, reflecting broader market sentiment. The volatility continues as investors closely watch the government shutdown developments for further signals.

Ripple (XRP) climbed by over 2%, benefiting from the general upward momentum in the market. XRP’s gains were smaller compared to Bitcoin, but it mirrored the overall positive sentiment. As traders navigate the market, XRP’s performance remains a barometer for broader cryptocurrency trends.

The volatility in Ethereum and Ripple price reflect ongoing uncertainty in the crypto market. Traders are reacting to short-term news, but the long-term trend remains influenced by external factors, including the government shutdown. These price fluctuations underline the fragile confidence within the cryptocurrency market.

The bill is set to face a vote in the House on November 12. If passed, the bill will move to President Trump’s desk for final approval. The shutdown’s end could trigger further highs in the crypto market, especially if approval proceeds smoothly. However, any delays or setbacks could cause renewed market volatility.

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