Politico reports that the crypto market could soon see some much-needed relief after the US Senate reached an agreement on a three-part budget deal to finish the federal government shutdown.
Upcoming laws to fund the U.S. government has good enough support to clear the 60-vote threshold, Politico reported Sunday, citing two people accustomed to the matter.
It was Republican Senate Majority Leader John Thune's fifteenth try and win Democratic support for a House-passed bill, bringing lifting the record 40-day government shutdown close by.
An official vote continues to be required for the agreement to be finally adopted.
Ongoing uncertainty over when the US government would reopen was a key factor holding Bitcoin (BTC) and the broader crypto market back from a recovery.
Six days after the federal government shutdown on October 6, Bitcoin initially rallied to a brand new high of $126,080, but has since fallen over 17% to $104,370, data from CoinGecko shows.
Bitcoin's decline over the past month resulted in a double-digit percentage point drop on October 10 after US President Donald Trump's announcement of 100% tariffs on China sent shockwaves across markets.
The price change of Bitcoin since October 1st. Source: CoinGecko
After the most recent government shutdown was lifted, Bitcoin rose 266%
The last government shutdown within the US occurred between late December 2018 and late January of the next yr during Trump's first term.
After its close on January 25, 2019, Bitcoin rose over 265% over the subsequent five months, from $3,550 to $13,000.
Prediction markets expect the shutdown to finish this week
Bettors on prediction market Polymarket predict the federal government shutdown to be lifted on Thursday, with the market citing a 54% likelihood that this may occur between Tuesday and Friday.
This probability was only 27% a day ago.
The odds on rival platform Kalshi are similar, with the federal government shutdown expected to finish on Friday, 44 days after the shutdown began.
This got here as Trump announced Sunday that the majority Americans will receive a $2,000 dividend from tariff revenues.
About 85% of adults are eligible, excluding high earners, he said.
