Bitcoin, Ethereum, and XRP All Rally. What's Driving the Crypto Rebound. — Barrons.com
By George GloverBitcoin was leading other cryptocurrencies higher on Monday, as investors piled back into risk assets on the expectation that the government shutdown would end soon.Crypto bulls will be watching developments in Washington closely, hoping that political stability can help Bitcoin and its peers to find a floor following last week's brutal selloff.Bitcoin was up 4% to $106,082 over the past 24 hours, according to data from CoinDesk. It's now trading about 19% off the record high it hit last month.Ethereum rose 5.4%, Solana gained 4.8%, and XRP added 8.5% over the past 24 hours, per the Kraken crypto exchange.The digital tokens were rebounding as investors bet that the U.S. shutdown was nearing an end, having tumbled last week as investors fretted about lofty artificial-intelligence valuations. The Senate passed a procedural vote Sunday night, 60-40, on a deal to end the funding impasse, gaining the support of eight moderate Democrats.That could give the market a little more certainty, which tends to support risk assets like cryptos. Tech stocks, which tend to move in tandem with digital tokens, were also on pace to rally on Monday, with futures tracking the Nasdaq 100 climbing 1.4%.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.