The crypto market is seemingly undergoing a price-reset now that U.S. President Donald Trump has signed the funding bill to end the longest ever government shutdown. Bitcoin on Thursday, November 13 reflected a minor price spike of just over one percent to trade at $103,500. The asset’s previous day price was reported at $103,364.
In conversation with CoinHeadlines, Edul Patel pointed out that investors are now turning towards profit booking at higher levels. Patel is the CEO of U.S. and India-based crypto investment firm Mudrex.
“The focus now shifts to key macro indicators like CPI data and jobless claims due later today. Bitcoin spot ETFs recorded net positive inflows of $524 million, suggesting a trend reversal around the US government reopening,” he said. “With the sentiment improving across the board, a favourable macro outcome could drive BTC decisively above $108,000, confirming its strong bullish momentum, with support remaining firm near $100,000.”
Ether reflected a gain of nearly three percent on Thursday. At the time of writing, the asset was trading at $3,536. Notably for ETH, its seven-day price trajectory has clocked a profit of over four percent, data by CoinMarketCap showed.
A majority of altcoins joined BTC and ETH in reflecting small profits on Friday. Assets like XRP, BNB, Solana, Tron, Dogecoin, Cardano, Chainlink, and Stellar among others logged-in gains within the range of one percent to five percent. Zcash, on the other hand, roped-in 12.34 percent in profits to trade at $520 on Thursday.
The overall crypto market cap also witnessed a miniscule gain of 0.50 percent to claim the valuation of $3.49 trillion, CoinMarketCap showed.
Owing to the upcoming CPI data and ongoing changes in the U.S. political arena, investors are seemingly being cautious. The score of 25 on the Fear and Greed Index reflects a sentiment of fear among investors.
Meanwhile, a handful of altcoins did see losses of under six percent on Thursday. These include Leo, Hedera, Sui, Uniswap, Polkadot, and Canton.