The prolonged government shutdown, which has significantly impacted the cryptocurrency market, appears to be nearing its end. President Trump has attributed the shutdown to last week’s municipal election losses. On its 38th day, the shutdown is setting records as it continues. Finally, the Democrats have shown some willingness to negotiate, leaving the next move to the Republicans.
The End of Government Shutdown
Bitcoin's price surged past $103,000 as the Democrats revealed plans to propose an end to the shutdown. This proposal includes a trade-off concerning the Affordable Care Act (ACA) subsidies, which Democrats wish to extend for another year. These subsidies provide government support for health insurance premiums to low and moderate-income citizens under Obamacare.
Democrats have been insisting on these subsidies, among other terms, for 38 days, prolonging the shutdown. If Republicans accept this proposal, which adds a financial burden to the budget for another year, the shutdown could end in a few hours. The Republicans now have to address the rhetoric blaming the Democrats for the shutdown's continuation.
U.S. Senate Minority Leader Schumer stated:
“Thune should add ACA subsidy extensions to the temporary measures, the ball is in the Republicans’ court.”
An aide to Democratic Senator Schumer added:
“Democrats propose a ‘clean CR’ to reopen the government and a bipartisan ‘minibus (small budget package)’.”
Republicans might reject the offer. They may propose renegotiating income group terms or reducing the extension from one year to six months. They also have the option to directly accept the proposal. The coming minutes are crucial, and BTC has already seen market movement in response to these developments.