US Suspends Debt Ceiling: BTC and ETH Show Price Hikes
CoinEdition
Published May 28, 2023 03:21AM ET
US Suspends Debt Ceiling: BTC and ETH Show Price Hikes
- US President Joe Biden and the Republican member Kevin McCarthy decided to suspend the US debt ceiling.
- The announcement has been a solace to the crypto industry which was immersed in uncertain financial conditions.
- Following the announcement, BTC and ETH showed significant price hikes.
In a turn of events, US President Joe Biden and the top Congressional Republican Kevin McCarthy have discussed and decided on a tentative deal to resolve the government’s debt ceiling by raising $31.4 trillion. Though announced without any celebrations, the compromising agreement is a solace for the crypto industry that has been troubled by the US debt ceiling.
The cryptocurrency market has been immersed in uncertain conditions in the negotiations on the US debt ceiling. Recently, the financial expert Robert Kiyosaki predicted an impending crisis that would fall on the entire US.
Since the US Treasury Secretary Janet Yellen warned that the country would run out of cash by June 1, if the debt ceiling isn’t resolved, even the leading cryptocurrencies including Bitcoin and Ethereum started showing further plummet; BTC had fallen by more than 7% and ETH by more than 3%.
On May 27, the President and the Republican Party member joined hands to suspend the federal government’s debt ceiling. As per the report, the exact details of the agreement were not revealed. It was informed that the government’s spending till 2025 would be limited; the expenses related to national security would be excluded from the limit.
Following the announcement, Biden took to Twitter to share the news of the “budget agreement”:
Subsequently, the crypto market began showing a positive trend with Bitcoin and Ethereum exhibiting substantial hikes. According to CoinMarketCap, Bitcoin is currently trading at $27,219.20, up 1.85% in the last 24 hours. Similarly, Ether has also shown a significant increase of 0.93%, currently trading at $1, 849.21.
The post US Suspends Debt Ceiling: BTC and ETH Show Price Hikes appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.