The sharp sell-off that swept through crypto markets on Tuesday has paused after the U.S. House narrowly approved a funding package that will now head to the president for signature, easing fears tied to the government shutdown.
The House of Representatives passed the measure by a slim 217–214 margin, clearing the way for the government to reopen from its partial shutdown once President Donald Trump signs the bills. While lawmakers will continue negotiating funding for the Department of Homeland Security over the next week and a half, most other federal agencies will be funded under the agreement.
The development offered temporary relief to risk markets, helping halt a panic-driven plunge in digital assets earlier in the day. Bitcoin fell as low as $72,800 during the sell-off—its weakest level since before Trump’s election victory in November 2024—before paring losses following the vote.
Bitcoin was last trading near $74,800, down 4.5% over the past 24 hours. Ether slid 7% on the day to around $2,181 and is down roughly 26% over the past week. Other major tokens, including XRP and Solana, posted similarly steep declines.
U.S. equities also rebounded from their session lows, though losses remained significant. The Nasdaq was down about 2%, while the S&P 500 fell roughly 1.3%.
