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Bitcoin Holds $104,000 as Government Shutdown Deal Heads to House Vote Bitcoin Holds $104,000 as Government Shutdown Deal Heads to House Vote

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Bitcoin Holds $104,000 as Government Shutdown Deal Heads to House Vote – Crypto News

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Crypto market capitalization fell 2% today to $3.62 trillion, with most major assets showing mild losses.

Crypto markets slipped on Tuesday, Nov. 11, with Bitcoin staying just above $104,000, and most top altcoins by market capitalization trading slightly in the red today. Markets slipped after pushing higher yesterday on news that Congress is making progress on ending the record-long government shutdown.

After breaking back over $107,000 yesterday, Bitcoin (BTC) is trading at around $104,300 at press time, down 2% in the past 24 hours, and flat on the week.

The U.S. Senate on Monday passed a deal to end the nation’s longest government shutdown, voting 60-40 to back an agreement between eight Democratic senators and Republicans to reopen the government until Jan. 30, CNBC reported. The measure now heads to the House, which will vote on Wednesday, Nov. 12, after the Veterans Day holiday.

BTC 24-hour price chart. Source: CoinGecko

Ethereum (ETH) is trading around $3,500, also down about 2% on the day, and mostly flat over the past seven days.

Among other large-cap tokens, XRP is down the most today, losing over 4.4%, while Solana (SOL), BNB and most other altcoins in the top-20 assets by market capitalization are also down between 1.8% and 3%.

Big Movers and Liquidations

Among the top-100 assets, Uniswap (UNI) led gains, jumping over 25% to $8.64 on the day. Figure Heloc (FIGR_HELOC) followed with a modest 1.8% increase. For UNI, the jump comes shortly after the top DEX unveiled a new proposal to activate protocol fee distribution to token holders.

On the downside, Canton (CC) and Zcash (ZEC) dropped 22% and 19%, respectively. But even with the pullback, ZEC remains up 28.2% for the week and over 90% in the past month.

Data from CoinGlass shows that roughly $389 million in leveraged positions were liquidated over the past 24 hours. Longs accounted for $264.6 million, while shorts made up $124.5 million. Bitcoin saw $95.9 million in liquidations, followed by Ethereum at $74.7 million and Zcash at $34.1 million.

ETFs and Macro Conditions

Spot Ethereum ETFs saw no inflows or outflows on Monday, Nov. 10, marking the first neutral session since April, while spot Bitcoin ETFs recorded $1.15 million in net inflows, according to SoSoValue.

As Glassnode pointed out in a Nov. 11 post on X, since early October, spot Bitcoin ETFs have “shown signs of weakness,” with only a few positive days, while mostly net outflows reaching up to $700 million per day. As the analysts explained, such a dynamics points to a “broader de-risking phase among ETF investors.”

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Spot Bitcoin ETF net flows. Source: Glassnode

On the macro side, November has kicked off with a drop in U.S. consumer sentiment as the government shutdown drags on. Meanwhile, traders are awaiting fresh inflation data, with the ​​U.S. Consumer Price Index (CPI) scheduled to be released later this week on Nov. 13.

Federal Reserve officials signaled differing views on whether more rate cuts are needed. St. Louis Fed President Alberto Musalem voiced skepticism, saying “there is limited room to ease policy further without policy becoming overly accommodative,” Reuters reported on Monday.

Speaking with The Defiant, Farzam Ehsani, CEO of cryptocurrency exchange VALR, noted that the macro uncertainty that loomed over the markets in recent weeks finally “seems to be easing,” adding further that it’s opening the pathway “for a broader rebound.”

However, as Ehsani explained, the upcoming CPI data print now takes on “heightened importance in shaping the market’s next direction.” The VALR CEO explained:

“The CPI data release could be the last tailwind for the crypto market’s recovery or the next headwind to trigger a sell-off across the board. Inflation remaining sticky could trigger a renewed hawkish Fed positioning, which would slow liquidity inflows and temper the current rally’s momentum.”

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