Bitcoin price today: recovers to $106k on progress towards end of US shutdown

Investing.com-- Bitcoin rose on Monday, tracking a broader uptrend in risk-driven markets as U.S. lawmakers marked some progress towards ending a long-running government shutdown. 

The world’s largest cryptocurrency rose 4.3% to $106,330.9 by 00:06 ET (05:06 GMT). 

Monday’s gains came as an extension of Bitcoin’s rebound over the weekend, as the crypto drew some bargain buying after crushing losses through October and early-November. 

Bitcoin had slumped into a bear market last week, falling over 20% from a record high hit in early-October. The crypto headlined a rout in broader crypto markets, and has also struggled to break above $110,000 since mid-October. 

Still, some improving risk appetite helped Bitcoin, especially after the U.S. and China agreed to a trade deal in late-October. 

US Senate progresses bill to end government shutdown 

Risk appetite was boosted on Monday by the U.S. Senate voting to move forward a bill aimed at funding the government until January 30, 2026. The Senate agreed in a 60-40 vote, after eight Democrat senators agreed to a GOP deal. 

The bill will now be considered for a full Senate vote in the coming days. 

An end to the shutdown, which is now the longest ever in U.S. history, is expected to help improve sentiment over the world’s largest economy, especially given that it will allow the government to resume releasing key economic readings. 

An end to the shutdown could also help clear concerns over the economic impact of the shutdown, which is expected to have cost the economy tens of billions of dollars in the past month. 

XRP jumps on Ripple funding optimism 

XRP was an outperformer among altcoins, rising over 8% to $2.4570. 

Gains in the crypto were driven chiefly by optimism over XRP issuer Ripple Labs raising $500 million in funding at a $40 billion valuation. 

The fundraise also comes after Ripple dismissed recent speculation that it was seeking an initial public offering. 

XRP rose on bets that Ripple will dedicate more of its recent capital raises towards buying back the token, which is bullish for prices. 

Crypto price today: altcoins surge tracking Bitcoin

Broader crypto prices rose tracking gains in Bitcoin, also recouping some of their steep losses in the past month. 

World no.2 crypto Ether rose 5.7% to $3,600.99, while BNB rose 1.6% to $1,004.70. 

Cardano and Solana rose nearly 6%.

Among memecoins, Dogecoin added 4%, while $TRUMP rose nearly 10%.