Prediction markets flipped overnight after Senate negotiators reached a bipartisan funding deal, sending crypto and risk assets higher on expectations that Washington will reopen before Veterans Day.
Nov 10, 2025, 2:09 a.m.
Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
BTC and ETH rebounded overnight as traders bet the U.S. government shutdown will soon end, lifting 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 majors.
On Polymarket, odds of the government reopening on November 12 surged after Senate negotiators reached a bipartisan deal late Sunday. The agreement funds the government through January 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 in favor.
The shift marks one of the sharpest sentiment reversals of the year. Just 24 hours earlier, traders saw a 63% chance the shutdown would drag beyond November 16 and into Thanksgiving.
Now that President Trump has told reporters “we’re getting close to the shutdown ending,” markets are treating a resolution by mid-week as all but certain.
Air travel and welfare programs remain disrupted in the meantime, with the FAA ordering a 4% reduction in flights that has caused thousands of cancellations and the USDA halting food-stamp payments.
But with Washington finally nearing a deal, both equities and crypto are signaling relief after weeks of paralysis.
Even though the U.S. government looks to be on the verge of reopening, there are some wrinkles that still impact crypto. For example, traders are skeptical that 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 reality by the end of 2025 were at 90%, CoinDesk previously reported.
Now, it’s at 38%.
Market Movement
BTC: Bitcoin climbed 4.2% to $106,269 as traders priced in a U.S. government funding deal and bet that risk sentiment would recover once the 40-day shutdown ends.
ETH: Ethereum jumped 7.4% to $3,643, outperforming majors as easing macro uncertainty and renewed liquidity fueled short-covering and rotation into high-beta crypto assets.
Elsewhere in Crypto
More For You
Inside Zcash: Encrypted Money at Planetary Scale
A deep dive into Zcash’s zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.
What to know:
In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:
- Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.
- The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.
- Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.
- Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.
More For You
Bitcoin’s $100K Question: Here’s Why BTC, XRP, SOL May Surge This Week
Bitcoin has rebounded above $103,000, lifting altcoins.
What to know:
- Bitcoin has rebounded above $103,000.
- The SOFR-EFFR spread has dropped sharply, indicating improved liquidity and reduced stress in the financial system.
- The dollar index’s rally has stalled and borrowing from the Federal Reserve’s repo facility has declined.
