cryptocurrency prices The uptrend started on Sunday amid notable market developments. bitcoin (btc) Moved past the $27K area after news of a debt ceiling agreement from President Joe Biden and Speaker Kevin McCarthy. Biden revealed the deal on Twitter, calling the move important to reduce costs.
Meanwhile, the president affirmed that failure to reach a tentative deal would lead the US economy to a devastating default and eventual recession, crashing jobs and draining retirement accounts. Previously Invezz.com informed of Biden will not accept any deal that benefits cryptocurrency investors.
McCarthy revealed the deal deal deal earlier, saying that President Biden wasted months by refusing to discuss the debt ceiling. Meanwhile, the deal comes just days before the June 1, 2023 deadline – which was meant to attract upheaval within the financial world.
debt ceiling reaches tentative deal
As mentioned, Biden confirmed reaching a budget agreement with Speaker McCarthy. Meanwhile, the agreement awaits further discussion before moving to the US House and Senate.
The deal includes raising the Fed’s $31.4T government debt limit, breaking a month-long impasse. Apart from this, it includes capping expenses and increasing the debt limit for two years.
Nonetheless, the news brought relief to the crypto market, with prices reacting to the agreement with a green move. Thus, today’s gains in the cryptocurrency space are likely fueled by rallies in the United States stock markets.
next day
It remains a somewhat quiet Sunday as the market will close tomorrow monday memorial day, With no economic signal coming from the United States, the U.S. Latest updates of will provide support in coming day.
Nonetheless, market players should keep following cryptocurrency news, Updates related to binanceSEC vs Ripple, and coinbase remain critical to the market outlook
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