Senate Moves to End Gov Shutdown: Crypto Market Breathes Again

Updated 2 hours ago by · 2 mins read

The US Senate has taken a major step toward ending the government shutdown after weeks of political gridlock.

A late-night Senate vote to advance a funding bill has set the stage for the government’s long-awaited reopening.

Chad Pergram, the senior congressional correspondent for Fox News, posted that seven Democrats and one Independent joined Republicans to break a political stalemate that had kept the government shut down for weeks.

 

According to Pergram’s post, the Senate voted 60–40 to “invoke cloture,” which means enough senators agreed to move forward with voting on a bill to reopen the US government.

However, the final vote isn’t done yet, but it could “happen as soon as tomorrow,” the Fox News reporter said, pointing at Monday, Nov. 10.

At this point, the bill only needs a simple majority to pass. Once the Senate passes it, the House of Representatives will vote next, likely on Nov. 12, planning a quick “one-day-and-out” session.

Crypto’s Breath of Relief

The government shutdown slowed everything down. For example, financial market regulations, SEC approvals, and the overall market oversight saw a pause, which ultimately brought multiple waves of selloffs.

Bitcoin BTC $106 489 24h volatility: 4.6% Market cap: $2.12 T Vol. 24h: $70.99 B fell below the $100,000 mark last week as the market entered “extreme fear” conditions.

Now, with the macro clarity, the cryptocurrency market is already showing signs of confidence following the claims of a potential government reopening. The global crypto market cap increased by 4.2% to $3.57 trillion with a daily trading volume of $163 billion, according to data from CoinMarketCap.

Bitcoin broke above $106,000, and Ethereum ETH $3 625 24h volatility: 6.2% Market cap: $436.46 B Vol. 24h: $31.95 B  reached $3,600 following the market-wide bullish momentum.

It’s important to note that the government isn’t open yet, but everything points toward a full reopening later this week. The bipartisan cooperation to reopen the government may mean less political chaos, too. It could lead to a calmer environment that could stabilize financial markets, including crypto.

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