Crypto markets remained mostly flat on November 11 as the U.S. Senate advanced a funding resolution, bringing the government shutdown, which had lasted 40 days, closer to an end. The total crypto market capitalization slipped 0.4% to $3.6 trillion.
Bitcoin traded at $105,349, down 1%, while Ethereum fell 1.5% to $3,564. XRP edged up 1.2% to $2.49, and Solana dropped 1.2% to $165. Market sentiment remained subdued, with the Crypto Fear & Greed Index falling three points to 26, maintaining its position in the “Fear” zone.
Data from CoinGlass showed that total liquidations over the past 24 hours dropped 6% to $339 million, while open interest across crypto markets declined 2% to $145 billion. Meanwhile, the average market relative strength index (RSI) remained stable at 51 after several volatile weeks, indicating a balanced market environment.
### How the U.S. Government Shutdown Hurt Crypto
The extended government shutdown forced most non-essential federal activities to pause, pushing the Treasury’s cash reserves to record highs and draining liquidity from other parts of the market. Since cryptocurrencies tend to move in tandem with overall liquidity conditions, they felt the impact more sharply.
Additionally, delays in releasing economic data and halts in regulatory decisions heightened investor uncertainty, prompting brief waves of selling. The shutdown’s widespread effects also intensified the deleveraging event that occurred in October, causing Bitcoin to drop over 20% from its peak near $126,000.
### Why the End Could Trigger a Relief Rally
Following the Senate’s vote—now awaiting House approval—previously restricted liquidity is expected to be released, allowing government spending to resume. Regulators may also resume pending processes, such as potential approvals for exchange-traded products (ETPs).
Analysts suggest that active regulatory oversight combined with restored liquidity, especially for high-risk assets like cryptocurrencies, could spark a relief rally.
Investors, however, remain cautiously optimistic. Prices have steadied after October’s sharp declines, but upcoming economic data and Federal Reserve comments could still influence market direction.
If risk sentiment continues to improve, many traders expect Bitcoin to move toward the $110,000–$115,000 range in the near term. Ethereum may also advance toward $3,800.
Stay tuned for further updates as the situation develops.
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