Crypto Market Sees Hope as US Senate Reaches Budget Agreement

The cryptocurrency sector may soon experience some necessary relief following the US Senate’s consensus on a tripartite budget arrangement to conclude the government paralysis, according to Politico.

Proposed measures to finance the US government possess sufficient backing to surpass the 60-vote requirement, Politico reported on Sunday, referencing two sources acquainted with the situation.

This marked Republican Senate Majority Leader John Thune’s 15th endeavor to secure Democratic backing for a bill sanctioned by the House, bringing the unprecedented 40-day government shutdown closer to being resolved.

A formal vote is still required to ratify the agreement.

Persistent ambiguity regarding the reopening of the US government has been a pivotal element obstructing Bitcoin (BTC) and the wider cryptocurrency sector from experiencing a rebound.

Initially, Bitcoin surged to a fresh peak of $126,080 six days into the government shutdown on October 6, but has since plummeted over 17% to $104,370, as per CoinGecko data.

Bitcoin’s decline throughout the preceding month saw it fall significantly on October 10 after US President Donald Trump’s declaration of 100% tariffs on China shook the markets.

Bitcoin experienced a 266% surge after the last government shutdown concluded

The previous US government shutdown transpired between late December 2018 and late January the following year during Trump’s initial term.