Solana, Dogecoin and Cardano Surge as Broader Crypto Market Rises

Market Performance - Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have shown significant gains, with SOL increasing by 6.3% to $220, DOGE climbing 7.7% to $0.245, and ADA gaining 6.6% to $0.84, while the broader crypto market capitalization rose by 3.3% [1] - Bitcoin surpassed $117,000 for the first time in nearly two weeks, gaining nearly 4% since the previous day, while Ethereum increased by 5% and topped the $4,300 mark [4] Government Shutdown Impact - The U.S. Congress failed to approve a continuing resolution, leading to a potential government shutdown, which analysts suggest could increase volatility in crypto markets, although some view any dip as a temporary buying opportunity [2] - Analysts from Bitunix indicated that a prolonged shutdown could delay data releases, suppress consumption and investment, and heighten concerns about slowing growth, which may lead to expectations for looser monetary policy [3] Federal Reserve Outlook - A prediction market indicates that 74% of users believe the Federal Open Markets Committee (FOMC) will approve a 25-basis point cut at its next meeting [4] - The upcoming FOMC meeting at the end of October will consider adjustments to federal interest rates, which typically support risk-on assets like equities and crypto [3] ETF Developments - Analysts are confident about the approval of ETFs linked to assets like Solana, which has positively impacted Solana exchange-traded products [5] - The Rex-Osprey SOL + Staking ETF, launched in July, has attracted $21.5 million in inflows this week, bringing its total assets under management to $349 million [6]