According to two informed sources, Politico reported on Sunday that the cryptocurrency market may soon receive much-needed relief after the U.S. Senate reached an agreement on a three-part budget deal.
On Sunday, Politico cited two informed sources stating that the pending legislation to fund the U.S. government has garnered enough support and is expected to pass the 60-vote threshold.
This marks Republican Senate Majority Leader John Thune's 15th attempt to gain Democratic support to push through the bill already approved by the House of Representatives. This initiative is expected to end the record 40-day government shutdown.
The agreement still requires a formal vote to be finalized.
The uncertainty surrounding the reopening of the U.S. government has been one of the key factors hindering the rebound of Bitcoin and the entire cryptocurrency market.
According to CoinGecko, on October 6, Bitcoin rose to a new high of $126,080 on the sixth day of the shutdown, but subsequently fell over 17% to $104,370 due to multiple negative factors.
In the past month, Bitcoin has seen a significant decline, with a double-digit drop on October 10, following President Trump's announcement of a 100% tariff on Chinese goods, affecting the entire market.
The last U.S. government shutdown occurred from late December 2018 to late January the following year, during Trump's first term.
After it ended on January 25, 2019, Bitcoin surged over 265% from $3,550 to $13,000 in the following five months.
Predictive market Polymarket's bettors support the notion that the government shutdown will be lifted by Thursday, with the market showing a 54% probability of it occurring between Tuesday and Friday.
These odds were only 27% a day earlier.
The odds on competing platform Kalshi are similar, estimating that the government shutdown will end on Friday, lasting 44 days.
Trump announced on Sunday that most Americans will receive a $2,000 bonus from tariff revenues.
He stated that about 85% of adults will be eligible, excluding high-income earners.
Related: Newly formed crypto organization aims to establish unified standards for blockchain transactions
Original article: “Reportedly, cryptocurrency is expected to receive relief as the U.S. Senate reaches an agreement to end the government shutdown”
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