BTC, XRP, and ETH Rally as Government Shutdown Nears End

Bitcoin surged past $106,000 on October 10, breaking a week-long slump as reports surfaced that U.S. lawmakers had reached a bipartisan deal to reopen the federal government after a record 40-day shutdown.

Data from CoinGecko showed the world’s largest crypto climbing over 4% in the last 24 hours. The rally spread across the digital asset market, with Ether climbing over 7% to more than $3,600, while XRP and Solana each gained roughly 6%.

The renewed momentum followed several days of weakness during which Bitcoin repeatedly dipped below $100,000 for the first time since August. Despite the rebound, Bitcoin remains 15% below its October peak of $126,000. Ether has fallen even further over the same period as investors pulled back from riskier assets.

The prolonged government standoff had weighed heavily on sentiment, combining with broader economic uncertainty to shake both traditional and crypto markets. In the past eight trading sessions, Ether spot ETFs saw withdrawals totaling $579 million, while Bitcoin spot ETFs shed over $2.1 billion.

Shares of major crypto firms were also hit hard, with Coinbase sliding over 9% and Strategy, a major Bitcoin-holding company, down more than 8%.

According to reports, Senate leaders from both parties agreed late Sunday to fund the government and end the shutdown. The breakthrough reportedly came after moderate Democrats agreed to support key procedural measures, paving the way for the legislation’s passage. Earlier, Democrats had pushed to extend federal health subsidies that reduce insurance costs, though the urgency of reopening the government appeared to take precedence.

In the online prediction market Myriad, traders raised the odds of the shutdown ending before November 15 to 91%, up from just 37% a day earlier. Myriad is operated by Dastan, the parent company of Decrypt.

Adding to the market’s optimism was a post from President Trump on Truth Social, in which he pledged a “dividend of $2,000 per person” for most Americans, excluding high-income earners. The announcement fueled speculation of a new wave of direct payments similar to those that helped drive crypto demand during the 2021 bull market.

Traders are now closely monitoring the bill as it makes its way through the House before being sent to Trump, expected inflation data, and further details on Trump’s proposed dividend initiative. Analysts also point to Bitcoin ETF inflows and the cryptocurrency’s dominance over alternative coins as key indicators of whether the current rally will expand across the broader market or remain concentrated in leading tokens.

The uptick in the crypto market is a welcome development for the entire industry, including leading companies like Marathon Digital Holdings Inc. (NASDAQ: MARA).

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