Today in crypto, the US government entered its third week of shutdown, with the decision of 16 crypto ETFs hanging in the balance, US and China representatives signal easing trade tensions and Bitcoin is retesting the golden cross, a bullish pattern that preceded past parabolic rallies.
US gov shutdown enters 3rd week with ETF ‘floodgates’ ready to burst
America’s federal government has entered its third week of shutdown, leaving as many as 16 exchange-traded funds (ETF) awaiting approval should the shutdown continue into November.
Most of the US government came to a standstill on Oct. 1 when the Republicans and Democrats failed to reach a funding agreement. This has caused agencies, including the US Securities and Exchange Commission, which approves ETF applications, to run with only essential staff.
The crypto industry was set for a flood of ETFs in October, with the SEC set to make their final decisions on at least 16 crypto ETFs, and another 21 applications filed in the first eight days of October, but the shutdown has left everything in limbo, with deadlines passing and no action taken.
For it to end, Congress, both the House of Representatives and the Senate, must pass legislation to fund the government. Once the bills pass, President Donald Trump can sign them into law, and the shutdown will end.
US and China representatives signal easing trade tensions
Representatives from the United States and China eased the heated rhetoric around trade policies after tensions between the two countries flared up this week due to China’s export controls on rare earth minerals and US President Donald Trump’s announcement of an additional 100% tariff on China.
China’s Ministry of Commerce signaled a willingness to negotiate on the rare earth export control proposal and other trade issues on Sunday, which came alongside a statement from Trump. In a Sunday Truth Social post, Trump wrote:
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want depression for his country, and neither do I. The USA wants to help China, not hurt it!!!”
Market analysts said that signs of de-escalation from Trump could pump financial markets on Monday, reversing the price decline that impacted crypto markets over the weekend.
Bitcoin retests golden cross, a break above could trigger major rally: Analyst
Bitcoin is retesting the “golden cross,” a bullish technical pattern that has historically preceded rallies, according to crypto market analyst Mister Crypto.
In a Sunday post on X, the analyst shared a chart noting that Bitcoin’s (BTC) previous golden crosses led to gains of 2,200% in 2017 and 1,190% in 2020. With BTC currently hovering near $110,000, he suggested that holding above the level could ignite another parabolic move.
“The setup looks incredibly strong,” he wrote, adding that a confirmed breakout could “absolutely explode” Bitcoin’s price in the coming weeks.
A golden cross is a bullish trading signal that happens when a short-term moving average, usually the 50-day, crosses above a long-term moving average, often the 200-day. It signals that momentum is shifting from bearish to bullish, meaning prices may start rising.
