Good morning, Asia. Know here what news is being made in the markets:
Welcome to the Asia Morning Briefing, a daily summary of the top stories and an overview of market action and analysis during US time. For a detailed overview of US markets, check out CoinDesk’s Crypto Daybook Americas.
BTC and ETH rose overnight as traders bet that the US government shutdown will end soon, increasing risk-on sentiment after a volatile week.
Bitcoin rose 4.2% to $106,269, while Ethereum rose 7.4% to $3,643, according to CoinDesk Markets data, recouping some of last week’s losses as macro uncertainty eased and liquidity returned to majors.
On PolyMarket, prospects for reopening the government on Nov. 12 rose after Senate negotiators reached a bipartisan deal late Sunday. The agreement keeps the government funded until Jan. 30, reverses recent federal layoffs, and guarantees a vote in December on extending the Affordable Care Act tax credit, a provision that secures at least eight Democratic votes in favor.
This change is one of the most intense emotional changes of the year. Just 24 hours earlier, traders saw a 63% chance that the shutdown would stretch beyond November 16 and into Thanksgiving.
Now that President Trump has told reporters that “we are getting closer to the end of the shutdown,” markets are viewing a resolution by mid-week as almost certain.
Meanwhile air travel and welfare programs remained disrupted, the FAA ordered a 4% reduction in flights, leading to thousands of cancellations, and the USDA halted food-stamp payments.
But with Washington finally inching closer to an agreement, both equities and crypto are signaling relief after weeks of paralysis.
Even though the US government is on the verge of reopening, there are some wrinkles that are still impacting crypto. For example, traders are skeptical that the SEC will have time to approve a Cardano ETF before the end of the year.
CoinDesk previously reported that just over a month ago, there was a 90% chance of an ADA ETF becoming a reality by the end of 2025.
Now, it is at 38%.
market movements
BTC: Bitcoin climbed 4.2% to $106,269 as traders priced in a US government funding deal and bets that risk sentiment will recover once the 40-day shutdown ends.
ETH: Ethereum jumped 7.4% to $3,643, outperforming the majors as reduced macro uncertainty and new liquidity fueled a rotation into short-covering and high-beta crypto assets.
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)
- Doubt over AI, crypto bets derails Wall Street adventure (Bloomberg)