The U.S. federal government shutdown, which entered its four days, sent major cryptocurrencies surging and sparked a bullish outlook among traders on the market’s short-term outlook.
Government Shutdown Shakes Stock and Crypto Markets
This is the first government shutdown since 2018-19 and could temporarily halt some government services and lead to the furlough of hundreds of thousands of federal workers.
The shutdown has shaken the cryptocurrency market, with stock futures and major cryptocurrencies like Bitcoin (CRYPTO: BTC) 、Ethereum (CRYPTO: ETH) and Ripple (CRYPTO: XRP) trading higher.
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Historical Analysis
The last government shutdown, which began on December 22, 2018, and lasted until January 25, 2019, was the longest in U.S. history. It left approximately 800,000 workers without pay for a month and resulted in an estimated $3 billion in GDP losses.
However, historically, corrections have often preceded strong returns.
In the three days following the shutdown, Bitcoin rose from $108,759 to $123,894. Similarly, Ethereum rose to $4,591.Similarly, Ripple rose to $3.09 .
Buy the Dip?
Janice, a widely followed analyst at Crypto RMC, urged buying Bitcoin and other cryptocurrency-related investments during the unusual market conditions triggered by the government shutdown.
She added, “The government shutdown is truly the perfect scenario for the crypto market to finally capitulate during this correction.”
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