Senate Advances Bill to End Shutdown as Cryptocurrency Market Reacts

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  • The Senate bill aims to end the 40-day shutdown.
  • The cryptocurrency market experiences mixed movements, with Bitcoin up 3.6% and XRP rising 11.2%.
  • Bitcoin leads market volume at $70.7 billion, with Ethereum following at $30.56 billion in 24-hour trading.

The U.S. Senate has moved forward with a bill to end the ongoing federal government shutdown, which has lasted 40 days. The procedural vote of the Senate went through with a margin of 60-40, which, in turn, led to the allowing of a bill that had already been passed by the House to fund the government until January 2026. At the same time, this legislation covers the distribution of three full-year appropriations bills, aiming at the emergence of the federal sector and the compensation of the employees who were affected by the closure.

Key Provisions of the Bill

The legislation seeks to keep the federal agencies running until January 30, 2026, and to prevent the dismissal of federal employees during this time. This action was interpreted as a win for the unions of federal employees. If the Senate approves the revised bill, it will still need to go through the House and receive President Donald Trump’s approval before it can become law.

Along with this, the rule also includes a vote on ACA (Affordable Care Act) subsidies, which the Democrats have been advocating for. These subsidies are expected to run out at the year’s end and are essential for many low-income Americans. A compromise was reached between certain Democrats and Republicans to have a vote on these subsidies in December.

The closure of the government has had an impact on millions of federal workers and has caused disruption in critical services. Essential services like food deliveries, air travel, and parks are among the sectors that have been affected, with the shortage of air traffic controllers causing nightmarish scenarios for the Thanksgiving holiday, which is just around the corner. The shutdown’s continued existence might also bring economic growth to a halt. Trump has suggested a ban on ACA subsidies and instead, direct payments to individuals, arguing that subsidies only enrich health insurers. He has also shown his willingness to collaborate on the matter once the government is back to normal operations.

Crypto Market Action Revealed

Following the votes by the Senate and the potential end of the shutdown, the crypto market has observed changes. Over the last 24 hours, the cryptocurrency market experienced mixed movements. Bitcoin (BTC) saw a price increase of 3.6%, reaching $105,934. Ethereum (ETH) also gained 4.5%, trading at $3,591.03. Tether (USDT) remained stable with no price change, holding at $0.9998. XRP (XRP) surged by 11.2%, reaching $2.53.

Source: Coingecko

The price of BNB (BNB) went up slightly by 0.5% and is now at $995.34. Solana (SOL), on the other hand, had a good trading day with a 4.9% rise at the price of $167.14. USDC (USDC) did not change its position and is still selling at $0.9997. Lido Staked Ether (STETH) was the second-best performer with a 4.7% close to $3,589.22. TRON (TRX) was the worst performer among the crypto market leaders, with a low but still positive price of $0.2942, up 1.5%.

When it comes to market volume, Bitcoin led with $70.7 billion, and Ethereum was the second with $30.56 billion. XRP recorded a market volume of $5.05 billion, and BNB’s traded volume was $2.06 billion during the last 24 hours. The trading volume of Solana reached $35.3 million, and USDC had a volume of $7.58 billion. The 24-hour volume of Lido Staked Ether was $45.3 million, whereas TRON recorded a volume of $551.6 million. The total market caps showed different trends, with Bitcoin at $2.11 trillion and Ethereum at $434.5 billion.

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