White House Economic Advisor Kevin Hassett, hinted at a possible resolution to the legislative impasse behind the U.S. Federal government shutdown during a CNBC interview on Monday. Bitcoin and stocks were both higher after Hassett’s remarks. The cryptocurrency climbed 2.1% to $111,711.03 and the three major stock indices all rose at least 1%.

“There’s a shot that this week, things will come together, and very quickly,” Hassett said. “The moderate Democrats will move forward and get us an open government, at which point we could negotiate whatever policies they want to negotiate with regular order.”

Senate Democrats have thus far refused to budge on their demands for an extension of health insurance tax credits. But Republicans have dismissed the stance as an underhanded scheme to provide free healthcare to illegal aliens.

“Democrats are about to shutdown the government because they demand we fund healthcare for illegal aliens,” said U.S. Vice President JD Vance last month.

But now, there’s a glimmer of light at the end of the proverbial tunnel. Last week, Republican Majority Leader John Thune said he offered a deal to Democrats that would include the tax credit extensions they have so doggedly sought. “We can guarantee you get a vote by a date certain,” Thune said. “At some point, Democrats have to take ‘yes’ for an answer.”

So far, Democrats have rejected Republican bills to re-open the government ten times in a row. An eleventh attempt will be made today. If Thune and his colleagues are successful in wooing a handful of Democrats to support the proposed legislation, we could see the U.S. government back in business as early as this week like Hassett hinted at. And just the mere possibility seems to have buoyed both bitcoin and stocks.

Bitcoin was priced at $110,300.70 at the time of reporting, up 1.06% over 24 hours after trading as low as $107,485.01 and topping $111,711.03, according to Coinmarketcap data. The cryptocurrency is still down 3.75% on a weekly basis.

( BTC price / Trading View)

Twenty-four-hour trading volume climbed 42.4% to $61.49 billion after the usual weekend slump. Market capitalization rose 1.05% to $2.19 trillion and bitcoin dominance gained 0.28% to reach 59.74%.

( BTC dominance / Trading View)

Total value of open bitcoin futures contracts increased 2.73% to reach $72 billion according to Coinglass data. Liquidations subsided from Friday, reaching a total of $123.26 million for the day. $77.16 million of that came from shorts and the remaining $46.11 million comprised losses from long investors.

• Why did Bitcoin rise to $111K?
  Bitcoin gained after the White House signaled progress toward ending the federal government shutdown.
• Who hinted at a possible deal?
  White House Economic Advisor Kevin Hassett said a bipartisan agreement could come “very quickly.”
• How are markets reacting?
  Stocks and crypto climbed, with Bitcoin up 2% and all major U.S. indices posting gains.
• What’s next for the shutdown talks?
  Senate leaders plan an eleventh vote that could reopen the government as early as this week.

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