Bitcoin’s Price Jumps as Trump Signs Bill to End Record US Govt Shutdown
Bitcoin's price rebounded on Thursday after briefly falling below $101,000 on Wednesday, coinciding with the end of the US government's record 43-day shutdown. President Trump signed a bill to reopen the government, restoring federal operations, reversing layoffs, and resuming critical services. The end of economic uncertainty sparked recovery in cryptocurrency markets, with Bitcoin rising by nearly $3,000 and altcoins such as ZEC, IP, XRP, and Ethereum experiencing significant gains.
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Bitcoin’s Price Reaction Amidst Government Shutdown
Bitcoin’s price tumbled once again on Wednesday evening, slipping briefly below $101,000, before staging a notable recovery on Thursday morning. The rebound is likely tied to the announcement that the US government shutdown would come to an end after a record-breaking 43-day stalemate in Congress.
US Government Shutdown Ends After 43 Days
President Trump officially signed a bill late Wednesday to end the record-setting 43-day US government shutdown, following a vote in the House (222-209) that approved a deal brokered between Republicans and centrist Senate Democrats.
The funding package will:
- Reopen federal government operations.
- Reverse mass federal layoffs imposed during the shutdown.
- Resume critical food and nutrition services for tens of millions of Americans.
- Ensure government employees begin receiving their paychecks soon.
Trump’s Statements on the Shutdown Deal
Calling the legislation a victory over Democrats, President Trump stated that it sent a “clear message that we will never give in to extortion.” He labeled the Democrats' actions during the stalemate as an extortion attempt, asserting that it was effectively countered by his administration.
Cryptocurrency Market Impact
The end of the longest government shutdown in US history provided relief to cryptocurrency markets.
- Bitcoin: Dipped below $101,000 on Wednesday but surged by nearly $3,000 following the deal.
- Altcoins: Experienced similar rebounds:
- ZEC rose by 12% daily.
- IP soared by 11%.
- XRP reclaimed the $2.50 level.
- Ethereum climbed above $3,500 after a 3% increase since yesterday.
Expert Predictions on Bitcoin and Market Trends
Prominent cryptocurrency experts, including Arthur Hayes, previously predicted that the next Bitcoin leg up would occur once the government shutdown ended.
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