Good morning, Asia. Here’s what’s making news in the markets:
Welcome to the Asia Morning Briefing, a daily overview of top stories in US hours and an overview of market movements and analysis. For a detailed overview of US markets, see CoinDesk’s Crypto Daybook Americas.
BTC and ETH bounced back overnight as traders bet that the US government shutdown will end soon, lifting risk sentiment after a volatile week.
Bitcoin rose 4.2% to $106,269, while Ethereum rose 7.4% to $3,643, according to CoinDesk market data, recouping some of last week’s losses as macro uncertainty eased and liquidity returned to majors.
At Polymarket, odds on the government reopening on Nov. 12 rose after Senate negotiators reached a bipartisan deal late Sunday. 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 for.
The shift marks one of the sharpest emotional turns of the year. Just 24 hours earlier, traders saw a 63% chance that the shutdown would extend beyond November 16 and into Thanksgiving.
Now that President Trump has told reporters that “we’re getting close to the end of the shutdown,” markets are treating a midweek decision as anything but certain.
Air travel and welfare programs remain disrupted, meanwhile, with the FAA ordering a 4% reduction in flights, causing thousands of cancellations, and the USDA halting food stamp payments.
But as Washington finally nears a deal, both stocks and crypto are signaling relief after weeks of paralysis.
Although the US government appears to be on the verge of reopening, there are some wrinkles still affecting crypto. For example, traders are skeptical that the SEC will manage 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 at 90%, CoinDesk previously reported.
Now it is at 38%.
Market movement
BTC: Bitcoin rose 4.2% to $106,269 as traders priced in a US government funding deal and bets that risk sentiment would recover once the 40-day shutdown ends.
ETH: Ethereum jumped 7.4% to $3,643, outperforming the majors as easing macro uncertainty and renewed liquidity fueled short-covering and rotation into high-beta cryptoassets.
Elsewhere in Crypto
- The Great Korean Pivot: From Memecoins to Machine Chips (CoinDesk)
- Spanish Crypto Influencer CryptoSpain Detained on $300 Million Fraud, Money Laundering Charges (The Block)
- Wall Street Thrill Ride Derailed as Doubts Grip AI, Crypto Bets (Bloomberg)
