Matrixport analyst: The temporary bill reduces the likelihood of a government shutdown and mitigates the risk of continued sell-offs in the crypto market

ChainCatcher news, according to The Block, Markus Thielen, the head of cryptocurrency research and strategy at investment firm Matrixport, stated that U.S. President Joe Biden signed a temporary spending bill yesterday, which avoided the possibility of a government shutdown and mitigated the risk of further sell-offs in the cryptocurrency market.

Thielen believes that if the government were to continue shutting down, non-essential government work would cease, including progress at the Securities and Exchange Commission regarding potential Bitcoin spot ETF approvals, which could even halt until January 2024, leading to more profit-taking and a potential 10% drop in Bitcoin.