Bitcoin, Ripple, and Solana rose as investors embraced risk-on sentiment with expectations of continued fiscal spending following progress towards ending the government shutdown. President Trump’s suggestion of a $2,000 dividend per person from tariff revenue buoyed growth sentiment, lifting tech stocks and major indices higher.

Bitcoin surged over 1% to surpass $105,000 after hitting a six-month low last week, boosted by expectations of government spending supporting crypto prices. Ripple and Solana also saw gains of 10% and 3%, respectively. The reopening would allow economic data to be released, aiding Fed officials in determining future policy moves.

Federal Reserve Bank of New York President John Williams hinted at the need to expand the central bank’s balance sheet through bond purchases. A potential Fed balance-sheet expansion and a December rate cut could be bullish for Bitcoin and reignite the broader bull market, according to a 10X Research note. JPMorgan predicts significant upside for Bitcoin in the next 6-12 months, potentially reaching $170,000.

Bitcoin experienced a decline due to forced selling from leveraged trades and profit-taking by long-term holders after reaching an all-time high in October. JPMorgan managing director Nikolaos Panigirtzoglou anticipates significant upside for Bitcoin over the next 6-12 months, potentially driving the price to $170,000.

Read more at Yahoo Finance: Bitcoin hits $105,000 as crypto rallies on prospect of end to government shutdown