Good morning, Asia. Here’s what’s making news in the market:
Welcome to Asia Morning Briefing. We bring you a daily summary of the top news US time, as well as an overview of market movements and analysis. For a detailed overview of the US market, see CoinDesk’s Crypto Daybook Americas.
Bitcoin and Ethereum rallied overnight as traders said they expect the U.S. government shutdown to end soon and risk sentiment rose after a volatile week.
Bitcoin rose 4.2% to $106,269 and Ethereum rose 7.4% to $3,643, reversing some of last week’s losses as macro uncertainty eased and liquidity returned to major markets, according to market data from CoinDesk.
In polymarkets, the odds that the government will reopen on Nov. 12 soared after Senate negotiators reached a bipartisan agreement late Sunday. The deal funds the government through Jan. 30, reverses recent federal layoffs and guarantees a December vote on extending the Affordable Care Act tax credits, a provision that secured approval from at least eight Democratic votes.
This change marks one of the sharpest reversals in sentiment this year. Just 24 hours ago, traders thought there was a 63% chance the shutdown would extend beyond Nov. 16 and into Thanksgiving.
With President Trump telling reporters that “we are nearing the end of the government shutdown,” markets are almost certain that a resolution will be reached by mid-week.
Meanwhile, air travel and benefits programs remain suspended, with the FAA ordering a 4% reduction in air flights, leading to thousands of cancellations, and the Department of Agriculture suspending food stamp payments.
But with Washington finally nearing an agreement, both stocks and cryptocurrencies are showing signs of relief after weeks of paralysis.
Although the US government appears to be on its way to reopening, there are still some wrinkles that affect cryptocurrencies. For example, traders are skeptical that the SEC will have time to approve a Cardano ETF before the end of the year.
Just a month ago, CoinDesk previously reported that there was a 90% chance of an ADA ETF becoming a reality by the end of 2025.
Currently it is 38%.
market movements
Bitcoin: Bitcoin rose 4.2% to $106,269 as traders priced in a U.S. government funding deal and said they expected risk sentiment to recover once the 40-day shutdown ends.
Ethereum: Ethereum rose 7.4% to $3,643, outperforming the big players, as easing macro uncertainty and new liquidity encouraged short covering and rotation into high-beta crypto assets.
Elsewhere for cryptocurrencies
- The Great Korean Axis: From Meme Coins to Machine Chips (CoinDesk)
- Spanish cryptocurrency influencer CryptoSpain arrested on charges of $300 million fraud and money laundering (The Block)
- Wall Street’s thrill ride derails as doubts over AI and crypto bets (Bloomberg)
