Crypto Market Recovers as Blame Game Permeates US Debt Default Outlook

As the United States economy remains in an uncertain state as it concerns the plausible default on debt, the crypto market has been capaitalizing on he current stalemate in negotiations to chart new recovery. The combined digital currency market capitalization has inked a 1.32% growth and is pegged at $1.14 trillion at the time of writing per data from CoinMarketCap.

As lawmakers on Capitol Hill and the President Biden Administration explore solutions, there has been a reported blame game by the negotiating parties. President Biden and House Speaker Kevin McCarthy met yesterday to discuss modalities to avoid the debt crisis, but per report, no major deal was inked as it concerns the troubling debt ceiling talks.

Considering the turn of events, President Biden made a comment to show that he is not to blame for whatever outcome the US economy suffers moving forward. 

Commenting on this statement, pro-crypto lawmaker, Tom Emmer said the President will have to take the responsibility for whatever the outcome is as members of the opposition have been making the calls to reach a deal before getting to this dire point.

We’re nine days out from the Biden administration’s default deadline, and one thing remains absolutely clear:

Whatever default Joe Biden is threatening is on Joe Biden. pic.twitter.com/Xyu8hdFwDc

— Tom Emmer (@GOPMajorityWhip) May 23, 2023

Is the Blame Game Good for Crypto?

What most Americans want is for this debt default scare to roll over as part of the consequences of a default may impact jobs and other key economic indicators.

The race for a solution may not be so attractive to crypto investors as President Biden has categorically stated that he will not agree to any debt deal that protects wealthy crypto traders at the expense of other Americans.

With about 9 more days until the narrative changes, there is an expectation that the different arms of the US Government in charge of the discussion will shun the current blame game and return the country to a path of financial stability.

The digital currency ecosystem which started the week on a depressed note has recovered as events turned. Bitcoin (BTC), the world’s largest digital asset is changing hands at $27,198.54 after surging by 1.34% over the past 24 hours. Ethereum (ETH) is also tagging along, jumping by 1.77% to $1,848.55. While these assets are trailing the positive path, there’s no certainty that there will be no offset in the short term.