Bitcoin (BTC) Price: Rebounds After 43-Day Government Shutdown Ends

TLDR

• Bitcoin dropped below $101,000 on Wednesday but recovered Thursday morning after Trump signed legislation to end the 43-day US government shutdown
• The House voted 222 to 209 to pass a funding deal between Republicans and centrist Senate Democrats that reopens federal operations
• The shutdown ending reversed mass federal layoffs and restored critical services and paychecks for government employees
• Bitcoin jumped nearly $3,000 immediately after the deal was signed, with experts previously predicting the rally would follow the shutdown’s end
• Bitcoin ETFs saw only $247 million in inflows over the past week compared to heavy outflows in late October and early November

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Bitcoin dropped below $101,000 on Wednesday evening before staging a recovery Thursday morning. The rebound came as Trump signed legislation ending the 43-day US government shutdown.

Bitcoin (BTC) Price

The House voted 222 to 209 late Wednesday to pass a funding deal. Republicans and centrist Senate Democrats struck the agreement that reopens federal operations.

Trump signed the package hours after the House vote. The legislation reverses mass federal layoffs executed during the shutdown.

Critical food and nutrition services will resume for tens of millions of Americans. Government employees will start receiving paychecks again soon.

The end of uncertainty from the longest government shutdown in US history brought relief to crypto markets. Bitcoin had dipped below $101,000 twice on Wednesday.

The deal resulted in an immediate uptick. Bitcoin jumped nearly three grand after the signing.

Previous Expert Predictions

Arthur Hayes and other experts previously predicted the next Bitcoin rally would follow the shutdown’s end. While ETFs saw $247 million in inflows over the past seven days, this represented only a fraction of heavy outflows from late October and early November.

The outflows came after a $500 billion crypto valuation wipeout in early October. This event shook institutional faith in crypto markets.

Corporate treasury buyers and ETF operators largely stepped back from the market. This denied Bitcoin the capital needed to push prices higher.

Recent Trading Patterns

Sluggish price movement caused retail traders to lose interest. Speculative investors typically find Bitcoin attractive because of wild price swings.

Bitcoin struggled to break above $110,000 since early October. The crypto traded below $105,000 through most of November.

Bitcoin briefly broke below $100,000 earlier in the month. Broader crypto prices performed better than Bitcoin on Thursday as risk appetite increased.

Ethereum traded above $3,500 following the government reopening. XRP reclaimed the $2.50 price level on Thursday morning.

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