Bitcoin rose on Monday, tracking the overall upward trend in risk-driven markets as U.S. lawmakers made some progress toward ending the long-running government shutdown.
The world’s largest cryptocurrency rose 4.3% to $106,330.9 by 8:06 AM Saudi time.
Monday's gains came as an extension of Bitcoin's weekend recovery, with the cryptocurrency attracting some attractive buying after heavy losses during October and early November.
Bitcoin had fallen into a bear market last week, dropping more than 20% from its record high in early October. The cryptocurrency led a sell-off in broader cryptocurrency markets and has struggled to break above $110,000 since mid-October.
However, improved risk appetite helped Bitcoin, especially after the US and China agreed on a trade deal in late October.
The US Senate is making progress on a bill to end the government shutdown.
The appetite for risk was boosted on Monday by the US Senate's vote to move forward with a bill aimed at funding the government until January 30, 2026. The Senate approved the measure by a vote of 60-40, after eight Democratic senators agreed to a deal with the Republican Party.
The bill will be considered for a full vote in the Senate in the coming days.
Ending the shutdown, which is now the longest in US history, is expected to help improve sentiment toward the world's largest economy, especially as it will allow the government to resume publishing key economic readings.
Ending the lockdown could also help dispel concerns about the economic impact of the shutdown, which is expected to have cost the economy tens of billions of dollars in the past month.
XRP jumps amid optimism over Ripple funding
XRP was among the best performing altcoins, rising more than 8% to $2.4570.
The gains in the cryptocurrency were driven mainly by optimism about Ripple Labs, the issuer of XRP, raising $500 million at a valuation of $40 billion.
The fundraising also comes after Ripple denied recent speculation that it was seeking an initial public offering.
XRP rose on bets that Ripple would allocate more of its recent capital raising to repurchase the token, which is positive for prices.
Cryptocurrency prices today: Altcoins rise, tracking Bitcoin
Prices of broader cryptocurrencies rose, tracking Bitcoin's gains, and recovered some of their sharp losses from last month.
Ether, the world's second-largest cryptocurrency, rose 5.7% to $3,600.99, while BNB rose 1.6% to $1,004.70.
Cardano and Solana rose by about 6%.
Among the meme currencies, Dogecoin added 4%, while TRUMP rose by about 10%.
