On the evening of November 9 local time, the U.S. Senate voted 60 to 40 to reach an agreement to end the federal government shutdown, marking a key step toward concluding the record-breaking 40-day government closure.
The news immediately triggered a chain reaction in global financial markets, with the cryptocurrency sector surging in response—Bitcoin briefly broke above $106,000, and Ethereum climbed past $3,600.
01 Shutdown Crisis Ends
Since October 1, the U.S. federal government had been partially shut down, lasting 40 days and setting a new record.
This political stalemate had widespread effects on the U.S. economy and society: tens of millions of people faced hardship, Supplemental Nutrition Assistance Program (SNAP) benefits were suspended, and federal employees missed paychecks.
A shortage of air traffic controllers led to severe flight delays and cancellations—on November 9 alone, more than 2,000 flights were canceled and over 8,000 flights were delayed.
Now, a turning point has finally arrived.
02 Key Terms of the Agreement
Under the temporary funding agreement reached by the Senate, federal government operating funds will be extended through January 30, 2026, with a separate vote planned for December 2025 on legislation related to the Affordable Care Act.
The agreement includes three critical provisions:
First, it revokes the Trump-era decision to dismiss federal employees and establishes mechanisms to prevent similar actions in the future.
Second, it ensures continued funding for the Supplemental Nutrition Assistance Program (SNAP/food stamps) through the 2026 fiscal year.
Third, it passes three full-year appropriations bills, providing annual funding for military construction, veterans affairs, legislative agencies, and the Department of Agriculture.
The agreement also promises that all federal employees will receive back pay for the duration of the shutdown.
03 Crypto Market Strong Rebound
Following news of the shutdown’s end, the cryptocurrency market saw a robust rebound.
According to CoinMarketCap data, the total global crypto market capitalization rose 4.2% to $3.57 trillion, with daily trading volume reaching $163 billion.
Bitcoin price broke above $106,000, and Ethereum climbed to the $3,600 level.
The consensus in the market is that ending the government shutdown will reduce political uncertainty and create a more stable environment for cryptocurrencies.
Higgs, a cryptocurrency analyst, noted, "The government shutdown slowed everything down, including financial market regulation, SEC approvals, and market oversight—all of which were put on hold, ultimately triggering multiple rounds of sell-offs."
Higgs added that as the macro environment becomes clearer, the crypto market is showing signs of renewed confidence.
04 Gate Platform Performance
On Gate Exchange, several tokens mirrored the broader market’s positive momentum.
As of November 10, MY (MetYa) was trading at $0.18, up 3.63% in 24 hours, with a peak of $0.20.
MY has recently been listed on Gate Alpha and the Swap platform, with these new trading channels providing liquidity support—likely a factor in its price increase.
Meanwhile, KITE (Kite) performed even more strongly, surging 16.66% in 24 hours to $0.09, with a market cap of approximately $158 million.
KITE debuted on Gate spot trading on November 3 and was subsequently added to Gate’s Swap platform.
05 Liquidity Crisis Eases
The government shutdown was not just a political event—it also triggered liquidity issues in the markets.
During the shutdown, the Treasury continued to raise funds but was unable to spend, causing the Treasury General Account (TGA) balance to rise to $1 trillion. Combined with Federal Reserve balance sheet reduction and the near exhaustion of the Reverse Repo Program (RRP), money market liquidity tightened.
Dongwu Securities previously predicted that the shutdown would end around November 20, at which point TGA funds would gradually be released, helping to improve dollar liquidity and economic data.
Now, with the shutdown ending ahead of schedule, those expectations are being realized sooner.
BTSE COO Jeff May emphasized that ending the shutdown will allow the Federal Reserve to once again access up-to-date economic data for decision-making.
"Most importantly, economic data will be available again, providing the Fed with more guidance for policy adjustments. During the shutdown, there was no data—the Fed was likely just waiting. Now, we may see more proactive measures to stimulate the economy," he said.
06 Lessons from History
Looking back, the end of government shutdowns has often had a profound impact on the crypto market.
Renowned trader Ash Crypto pointed out on social media that after the last U.S. government shutdown ended, Bitcoin began a five-month rally, surging 300%.
This historical performance has fueled market expectations for a strong crypto rally following the end of the current shutdown.
However, there are dissenting views. Trader Mister Crypto noted that whales are still selling assets.
"Whales are dumping large amounts of Bitcoin, but the price is still holding above $100,000. Imagine what could happen when they stop selling!" he commented.
Outlook
This 40-day political deadlock has not only brought relief to millions of federal employees and low-income families, but also given global cryptocurrency investors hope for a market recovery.
With funds flowing again and regulators back to work, a more stable macro environment is being established for the crypto market.
Historical data shows that after the last U.S. government shutdown ended, Bitcoin enjoyed a five-month rally with gains of up to 300%.
Will history repeat itself this time?
