The crypto market may soon get some much-needed relief after the US Senate reached an agreement on a three-part budget deal to end the government shutdown, Politico reports.
A pending bill to fund the US government has more than enough support to pass the 60-vote threshold, Politico reported on Sunday, citing two people familiar with the matter.
It was Senate Majority Leader John Thune’s 15th attempt to win Democratic support for a House-approved bill, putting a record 40-day government shutdown within reach of a repeal.
An official vote is still needed to finalize the agreement.
The ongoing uncertainty over when the US government will reopen has been a key factor holding back the recovery of Bitcoin (BTC) and the broader crypto market.
Bitcoin initially rose to a new high of $126,080 six days after the government shutdown on October 6, but has since fallen over 17% to $104,370, CoinGecko data shows.
Bitcoin’s slide over the past month saw it plunge by double-digit percentage points on October 10 after US President Donald Trump’s announcement of 100 percent tariffs on China sent shockwaves through the markets.
Bitcoin rallied 266% after the latest government shutdown was lifted
The last US government shutdown occurred between the end of December 2018 and the end of January next year in Trump’s first term.
After ending on January 25, 2019, Bitcoin rose over 265% from $3,550 to $13,000 over the next five months.
The prediction markets are closing again until the end of this week
Bettors on prediction market Polymarket are backing the government shutdown to be lifted on Thursday, with the market showing a 54% chance of it happening between Tuesday and Friday.
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Those chances were only 27% a day ago.
The odds on the competing platform Kalshi are similar, evaluating The government shutdown will end on Friday, 44 days into the shutdown.
It comes after Trump announced on Sunday that most Americans would receive a $2,000 dividend from tariff revenue.
About 85% of adults will be eligible, excluding high-income earners, he said.
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