The U.S. House of Representatives is poised to vote today on a crucial funding bill aimed at ending the government shutdown, which has persisted for over 40 days. This legislative move has positively influenced the cryptocurrency market, with Bitcoin experiencing a notable surge as risk assets gain momentum in anticipation of the government”s reopening.
According to U.S. House Majority Leader Rep. Steve Scalise, the vote is scheduled for around 7 PM ET. The passage of this bill will mark a significant step toward resuming government operations, pending the signature of U.S. President Donald Trump. This development follows the approval of the Senate-passed funding bill by the House Rules Committee.
Despite facing some opposition from Democrats concerning the absence of additional healthcare funding, the House is expected to pass the bill. House Speaker Mike Johnson expressed optimism about the vote outcome tonight, indicating a strong likelihood that the shutdown will come to an end. In fact, data from Polymarket suggests a 98% probability that the shutdown will conclude today.
In parallel, the cryptocurrency market is reflecting positive sentiment, as Bitcoin rallied to $105,000 earlier today and is currently trading just below this psychological threshold. Other cryptocurrencies, including Ethereum and various altcoins, have also experienced gains, riding the wave of optimism surrounding the potential end of the government shutdown.
Market analyst Raoul Pal previously articulated that the reopening of the government could be beneficial for Bitcoin and other digital assets, as it may lead to increased liquidity in the market, especially with the prospect of quantitative easing (QE) on the horizon. He noted that once the shutdown concludes, the U.S. Treasury is expected to commence spending between $250 billion and $350 billion within the next few months.
