Bitcoin (COIN:BTCUSD) traded flat on Wednesday, showing little reaction to growing optimism over a potential U.S. government reopening. While risk appetite improved across equity markets, crypto investors remained cautious.
By 09:48 ET, Bitcoin hovered around $104,770, barely changed over 24 hours, after dipping earlier in the day to $102,737. The world’s largest cryptocurrency has struggled to regain momentum after early-November losses that briefly pushed prices below $100,000.
Despite easing macro uncertainty, traders appeared more inclined to rotate into equities than digital assets, leaving crypto markets subdued.
U.S. Government Nears Reopening
The U.S. government appeared close to ending its record 42-day shutdown, after the Senate approved a short-term spending bill on Monday to fund operations until January 30. The legislation now heads to the House of Representatives, where Republicans are expected to back it in a Wednesday vote before it moves to President Donald Trump for signature.
While the prospect of government reopening buoyed stocks, crypto markets saw little follow-through, as sentiment was weighed down by renewed scrutiny of Bitcoin treasury companies and limited institutional demand.
China Accuses U.S. of $13 Billion Bitcoin Theft
Adding to geopolitical tension, China’s cybersecurity agency accused the U.S. government on Tuesday of orchestrating the theft of 127,272 Bitcoins, worth roughly $13 billion, from the LuBian Bitcoin mining pool in December 2020 — one of the largest crypto heists ever recorded.
Chinese authorities called it a “state-level hacker operation” allegedly led by the U.S., escalating digital asset-related disputes between the two powers.
JPMorgan Expands Digital Presence with JPM Coin
Meanwhile, JPMorgan Chase & Co. (NYSE:JPM) began deploying its JPM Coin deposit token to institutional clients this week, according to Bloomberg. The bank’s new digital token, backed by U.S. dollar deposits, allows real-time transfers via Base, a blockchain network affiliated with Coinbase.
The move marks another step by major financial institutions to integrate blockchain technology into traditional banking operations.
Broader Crypto Market Flat
Other major cryptocurrencies also traded mostly muted on Wednesday.
- Ether (ETH) rose 0.8% to $3,545,
- XRP slipped 1% to $2.42,
- BNB lost 1%,
- Cardano (ADA) fell 0.6%, and
- Solana (SOL) declined 1.6%.
Among meme tokens, Dogecoin (DOGE) edged down 0.1%, while $TRUMP plunged 6.6%.
Overall, crypto markets remained subdued as investors awaited clearer macroeconomic signals and potential catalysts beyond government reopening headlines.