Crypto Market: A Rollercoaster Ride Amid Government Shutdown

Crypto prices took a wild ride, but managed to stay afloat. Bitcoin dipped but bounced back, while Ether and Solana saw small changes. XRP surged by 9%, fueled by hopes of a spot ETF approval. Meanwhile, Zcash and Monero cooled off after recent big gains. Crypto-related stocks also rebounded, with Coinbase, Robinhood, eToro, and Gemini seeing gains. Traditional markets joined the rally, with the S&P 500 and Nasdaq climbing. The crypto market's upswing came as traders hoped the U. S. government shutdown might end soon. President Trump's hint at a $2, 000 "dividend" added to the optimism. Predictions now suggest an 86% chance the shutdown could wrap up between November 12th and 15th.However, the shutdown has had a mixed impact on crypto. On one hand, its end could inject $150–200 billion into bank reserves, which could boost crypto prices. On the other hand, the shutdown has stalled important crypto legislation, like the CLARITY Act and the Senate’s digital asset market structure bill. David Nage, head of research at a digital asset investment firm, warned that delaying these bills could push U. S. digital asset regulation off the table for a while. This lack of clarity could make it harder for the industry to grow sustainably. Nage also pointed out that the shutdown's impact on crypto policy is more damaging than recent market volatility. "If the shutdown ends in November, we may benefit from both a liquidity injection and a legislative opportunity, " he said. "If it drags into December, the legislation may miss its window. "