By George Glover
The price of Bitcoin and other cryptocurrencies was sliding Wednesday, extending a miserable run. Even the looming end of the government shutdown hasn't reversed digital assets' recent slump.
The world's largest crypto was down 1.5% to $103,595 over the past 24 hours, according to data from CoinDesk. Bitcoin's now trading 22% off the record high it hit in October.
Ethereum was down 3.1%, Solana fell 5.5%, and XRP slipped 2.6% over the past 24 hours, per data from the Kraken crypto exchange.
The digital tokens have tumbled over the past month, with investors fretting that the Federal Reserve may hold interest rates in December. When borrowing costs are steady, cryptos become less appealing relative to interest-bearing investments such as bonds and savings accounts.
The House is set to vote today on a funding bill that would end the continuing shutdown -- but even that may not boost sentiment.
So far, all signs point to stocks rather than Bitcoin and its peers getting a boost when the funding impasse ends. Both the benchmark S&P 500 and Nasdaq 100 climbed on Monday when the Senate passed the bill, while cryptos have continued sliding this week.
Digital assets were "edging lower as capital rotated back toward equities," Iliya Kalchev, analyst at the crypto wealth platform Nexo, said. "The policy breakthrough in Washington brought little cheer to crypto."
"Liquidity is waiting on the sidelines until economic data resumes its normal flow," he added, referring to the flurry of releases expected once the shutdown ends.
Write to George Glover at george.glover@dowjones.com
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November 12, 2025 08:35 ET (13:35 GMT)
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