Good morning, Asia. This is what is making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top news during US time and an overview of market movements and analysis. For a detailed overview of the US markets, see CoinDesk’s Crypto Daybook Americas.
BTC and ETH rallied overnight as traders bet the US government shutdown will end soon, lifting risk sentiment after a volatile week.
Bitcoin rose 4.2% to $106,269, while Ethereum gained 7.4% to $3,643, according to market data from CoinDesk, recouping some of last week’s losses as macroeconomic uncertainty eased and liquidity returned to large companies.
In Polymarket, the odds of the government reopening on Nov. 12 increased after Senate negotiators reached a bipartisan deal Sunday night. The deal funds the government through Jan. 30, reverses recent federal layoffs and guarantees a December vote on extending Affordable Care Act tax credits, provisions that secured at least eight Democratic votes in favor.
The change marks one of the most pronounced shifts in sentiment of the year. Just 24 hours earlier, traders saw a 63% chance the shutdown would extend beyond Nov. 16 and into Thanksgiving.
Now that President Trump has told reporters that “we are getting closer to the end of the shutdown,” markets view a midweek resolution as all but certain.
Meanwhile, air travel and welfare programs remain disrupted: The FAA has ordered a 4% reduction in flights, leading to thousands of cancellations, and the USDA has suspended food stamp payments.
But now that Washington is finally closing in on a deal, both stocks and cryptocurrencies are showing signs of relief after weeks of paralysis.
Although the US government appears to be on the verge of reopening, there are some wrinkles still affecting 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, the chances of an ADA ETF becoming a reality by the end of 2025 were 90%, CoinDesk previously reported.
Now it is at 38%.
Market movement
BTC: Bitcoin rose 4.2% to $106,269 as traders discounted a US government funding deal and bet risk sentiment would recover once the 40-day shutdown ends.
ETH: Ethereum jumped 7.4% to $3,643, outperforming majors, as easing macro uncertainty and renewed liquidity drove short covering and rotation into high-beta crypto assets.
Elsewhere in Crypto
- The great Korean pivot: from memecoins to machine chips (CoinDesk)
- Spanish crypto influencer CryptoSpain arrested on $300 million fraud and money laundering charges (The Block)
- Wall Street Excitement Derailed as Doubts Overtake AI and Crypto (Bloomberg)
