“Crypto Investors Breathe Easy as US Senate Reaches Budget Agreement”

The cryptocurrency market might soon experience some much-needed comfort after the US Senate achieved a consensus on a three-part budget arrangement to terminate the government closure, as reported by Politico.

Pending legislation for financing the US government has ample backing to surpass the 60-vote hurdle, Politico disclosed on Sunday, referencing two individuals acquainted with the situation.

This marked Republican Senate Majority Leader John Thune’s 15th endeavor to secure Democratic backing for a House-sanctioned bill, bringing the record 40-day government closure within sight of being resolved.

A formal vote is still required to cement the consensus.

Lingering ambiguity regarding when the US government would resume operations has been a significant element restraining Bitcoin (BTC) and the wider crypto market from staging a recovery.

Bitcoin initially surged to a new peak of $126,080 six days into the government closure on Oct. 6, but has since declined over 17% to $104,370, CoinGecko data reveals.

Bitcoin’s drop over the preceding month led to a decline of double-digit percentage points on Oct. 10 following US President Donald Trump’s declaration of 100% tariffs on China, which sent shockwaves throughout the markets.

Bitcoin soared 266% after last government shutdown concluded

The previous US government shutdown took place from late December 2018 to late January the following year during Trump’s initial term.

After it ceased on Jan. 25, 2019, Bitcoin climbed over 265% from $3,550 to $13,000 over the subsequent five months.

Prediction markets anticipate shutdown to conclude this week

Speculators on prediction market Polymarket are wagering that the government closure will be resolved by Thursday, with the market indicating a 54% likelihood of it occurring between Tuesday and Friday.

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The chances were only 27% a day prior.

Probabilities on rival platform Kalshi are comparable, projecting that the government closure will conclude on Friday, 44 days into the shutdown.

This follows Trump’s announcement on Sunday that most Americans will receive a $2,000 payment from tariff proceeds.

Approximately 85% of adults will qualify, excluding high-income individuals, he mentioned.

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