The U.S. government is at risk of a partial shutdown as lawmakers fail to reach a consensus, which could send turmoil into Bitcoin and altcoin markets.
The U.S. House of Representatives rejected a stopgap spending bill by Republicans by a vote of 235-174, raising the possibility of a partial shutdown when government funding expires at midnight Friday. If it goes through, public services such as border security and national parks would grind to a halt and more than 2 million federal workers would face pay cuts.
Republican leaders had drafted the bill to suspend the debt ceiling and extend government spending through March, as Trump had requested. But the bill’s failure to pass and Congress’ failure to come up with a solution increases the risk of the U.S. government defaulting.
The cryptocurrency market may be affected
This uncertainty has caused tension in financial markets and strengthened the risk aversion trend among investors. Cryptocurrency markets may also be negatively affected by these developments. Prices of major assets, especially Bitcoin and Ethereum, may be under selling pressure due to economic and political uncertainties. Experts recommend that investors be cautious against volatility in the markets.
Stay tuned
