Hello, Asia. Here’s what’s making news on the markets:
Welcome to Asia Morning Briefing, a daily summary of the top news stories during U.S. business hours and insight into market movements and analysis. For a detailed look at US markets, check out CoinDesk’s Crypto Daybook Americas.
BTC and ETH rallied overnight as traders bet the U.S. government shutdown will end soon, boosting risk sentiment after a volatile week.
Bitcoin rose 4.2% to $106,269, while Ethereum gained 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 the majors.
On Polymarket, the chances of a November 12 government reopening increased after Senate negotiators reached a bipartisan agreement Sunday evening. The deal funds the government through Jan. 30, reverses recent federal layoffs and guarantees a December vote on expanding the Affordable Care Act’s tax credits, provisions that got at least eight Democratic votes in favor.
This change marks one of the most marked reversals in sentiment 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 “we are nearing the end of the shutdown,” markets view a resolution by midweek as almost certain.
Meanwhile, air travel and social programs remain disrupted, with the FAA ordering a 4% reduction in flights, leading to thousands of cancellations, and the USDA halting food stamp payments.
But as Washington finally moves closer to reaching a deal, stocks and cryptocurrencies are signaling relief after weeks of paralysis.
Even though the US government appears to be on the verge of reopening, there are still some issues impacting crypto. For example, traders doubt whether the SEC will have time 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 90%, CoinDesk previously reported.
Today, it’s 38%.
Market movement
BTC: Bitcoin climbed 4.2% to $106,269 as traders factored in a U.S. government funding deal and bet that risk sentiment would recover once the 40-day shutdown ends.
ETFs: Ethereum jumped 7.4% to $3,643, outperforming the majors as easing macroeconomic uncertainty and renewed liquidity fueled short-selling covering and rotation into high-beta crypto assets.
Elsewhere in crypto
- The great Korean pivot: from Memecoins to mechanical chips (CoinDesk)
- Spanish crypto influencer CryptoSpain arrested for $300 million fraud, money laundering charges (The Block)
- Wall Street thrill derailed as doubts grip AI, crypto betting (Bloomberg)
