Bitcoin’s Price Jumps as Trump Signs Bill to End Record US Govt Shutdown

Bitcoin’s price tumbled once again on Wednesday evening, slipping briefly below $101,000 before it staged a notable recovery on Thursday morning.

The most likely reason for the rebound is the fact that the US government shutdown will finally end after setting a record of 43-day stalemate in Congress.

Trump signed a funding package to reopen the federal government late Wednesday, hours after the House voted 222 to 209 to pass a deal struck between Republicans and centrist Senate Democrats.

Aside from reopening day-to-day government operations, the deal will reverse the mass federal layoffs the POTUS executed during the shutdown. Critical food and nutrition services should be resumed for tens of millions of Americans, and government employees will start receiving their paychecks soon.

Calling it a victory over Democrats, Trump said the legislation sent a “clear message that we will never give in to extortion, because that’s what it was, they tried to extort.”

The end of the uncertainty prompted by the longest government shutdown in US history brought some relief to the cryptocurrency markets. Bitcoin, for one, had dipped below $101,000 on a couple of occasions on Wednesday, but the deal resulted in an immediate uptick that pushed it north by almost three grand.

Previously, numerous experts, including Arthur Hayes, predicted that the next BTC leg up would follow once the government shutdown ended.

BTCUSD. Source: TradingView

Many altcoins rebounded as well, with ZEC up by 12% daily, IP rocketing by 11%, while XRP has reclaimed the $2.50 level. Ethereum is above $3,500 once again following a 3% increase since yesterday.

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