Bitcoin tracks broader uptrend in markets

The world’s largest cryptocurrency rose 4.3% to $106,330.9

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 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 plunged 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.

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 country’s 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.

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

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