Crypto Market Eyes Relief as US Senate Agrees on Budget Deal

The cryptocurrency market may soon see some much-needed relief after the US Senate reached agreement on a three-part budget deal to end the government shutdown, Politico reported.

Pending legislation to fund the US government has enough support to pass the 60-vote threshold, Politico reported I mentioned on Sunday, citing two people familiar with the matter.

It was Republican Senate Majority Leader John Thune’s 15th attempt to win Democratic support for a House-approved bill, bringing a record 40-day government shutdown within reach.

A formal vote is still needed to finalize the agreement.

The continued uncertainty over when the US government will reopen has been a major factor preventing Bitcoin (BTC) and the broader cryptocurrency market from achieving a rebound.

Bitcoin initially rose to a new high of $126,080 six days after the government shutdown on October 6, but has since fallen more than 17% to $104,370, CoinGecko reported. Data He appears.

Bitcoin’s decline over the past month saw a double-digit decline on October 10 after US President Donald Trump announced a 100% tariff on China sending shockwaves throughout the markets.

Bitcoin price has changed since October 1. Source: Queen Gekko

Bitcoin rose 266% after the latest government lockdown was lifted

The last US government shutdown occurred between late December 2018 and late January of the following year in Trump’s first term.

After its trading ended on January 25, 2019, Bitcoin rose more than 265% from $3,550 to $13,000 over the next five months.

Prediction markets are back closed until the end of this week

Bettors on prediction market Polymarket are backing the government lockdown being lifted on Thursday, with the market showing a 54% chance of that happening between Tuesday and Friday.

Related to: Robert Kiyosaki says he is buying, targeting $250,000 in Bitcoin and $27,000 in gold

These odds were only 27% a day ago.