Multiple departments of the U.S. federal government, including the Department of the Interior, the Department of Housing and Urban Development, and the Department of Justice, have instructed employees to return to work on November 13. This is a follow-up to President Trump's signing of a temporary budget, formally ending the longest government shutdown in history.
The macro-level impact of this event on the cryptocurrency market is extremely positive and urgent. The end of the shutdown means that the previously backlog of financial regulatory work, especially the process affecting ETF approvals and key market structure legislation (such as defining the SEC and CFTC authorities), will quickly resume, providing the much-needed policy clarity for institutional capital deployment.
The market is set to welcome a "relief rally" after the elimination of uncertainty, which will primarily benefit risk assets, especially BTC and ETH. Although they are currently still under short-term pressure from ETF fund outflows from the previous day, the market will now closely monitor the delayed release of September and October employment and inflation data, which will directly affect the Federal Reserve's interest rate decision in December.
