Bitcoin (BTC) launches new surges as U.S. debt ceiling reaches tentative deal

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Opublikowano 28.05.2023 07:52

Zaktualizowano 28.05.2023 08:10

Bitcoin (BTC) launches new surges as U.S. debt ceiling reaches tentative deal

Cryptocurrency prices kick-started upside moves on Sunday amidst notable market developments. Bitcoin (BTC) soared past the $27K region following the debt ceiling agreement news from President Joe Biden and Speaker Kevin McCarthy. Biden revealed the deal on Twitter (NYSE:TWTR), terming the move as crucial in reducing spending.

Debt ceiling reaches tentative deal/h2

As mentioned, Biden confirmed reaching a budget deal with Speaker McCarthy. Meantime, the agreement awaits more discussions before going to the U.S. House & Senate.

The deal includes increasing the fed government’s $31.4T debt ceiling, halting a months-long standoff. Moreover, it involves capping spending and increasing the debt limit for two years.

Nonetheless, the news brought relief to the crypto market, with prices reacting to the agreement with green moves. Thus, today’s surges in the cryptocurrency space likely stemmed from rallies in the United States stock markets.

The day ahead/h2

It remains a somewhat quiet Sunday as markets will close tomorrow due to Monday’s Memorial Day. With no economic signals from the United States, the latest updates of the U.S. preventing a calamitous default will offer support on the day ahead.

Nonetheless, market players should keep following cryptocurrency news. Updates related to Binance, SEC vs. Ripple, and Coinbase (NASDAQ:COIN) remain crucial for the markets’ outlook

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