Bitcoin, Ethereum, and XRP experienced significant gains as a deal to end the US government shutdown neared, coupled with President Donald Trump's pledge of $2,000 stimulus checks for Americans.
XRP led the surge among major cryptocurrencies with a 10% increase, while Bitcoin climbed 4% and Ethereum rose 6%, reflecting a positive shift in market sentiment.
Bitcoin recovered from a 24-hour low of $101,521.76, briefly surpassing the $106,000 mark to reach a daily high of $106,564.70. It has since slightly retraced to trade at $106,276.55 as of 3:04 a.m. EST. Ethereum's gains propelled the altcoin past $3,600.
The overall market capitalization of the cryptocurrency industry increased by more than 4%, reaching $3.58 trillion, according to data from CoinMarketCap.
US Government Shutdown Deal Advances
The positive market mood was significantly influenced by news that the Senate passed the initial stage of an agreement to end the prolonged government shutdown. This agreement proposes to fund the US government through the end of January.
The legislation secured a 60-40 vote for advancement and now requires passage in the House before being sent to President Trump for his signature. This legislative process is anticipated to take several days to complete.
Data from a Polymarket contract indicates that over 80% of traders predict the government shutdown will conclude by November 14.
The government shutdown officially became the longest in US history on November 5 and has been ongoing for over 40 days, as reported by the White House’s Government Shutdown clock.
Nate Geraci, President of NovaDius Wealth, commented that the resolution of the shutdown could lead to the "spot crypto ETF floodgates opening."
Government shutdown ending = spot crypto ETF floodgates opening…
In meantime, could see first ‘33 Act spot xrp ETF launch this week.
— Nate Geraci (@NateGeraci) November 10, 2025
Trump Promises $2,000 Stimulus Checks For Americans
President Trump further stimulated the market by announcing his intention to provide a $2,000 stimulus check to all Americans, excluding those with high incomes.
He stated that the stimulus payments would be financed through revenue generated from trade tariffs. Details regarding eligibility and the timeline for these payments are still being finalized.