NewsletterDebt Ceiling Deal Or Not, Bitcoin To Remain Bullish; Here’s Why
Crypto Market News: US President Joe Biden and top Republican Kevin McCarthy are set to restart the debt ceiling deal talks on Monday as the debt limit negotiating team from the White House arrived at Capitol Hill, according to reports. The talks will begin ahead of a crucial deadline on June 1, 2023, after which the US Federal government will default on some of its debts. The meeting is of utmost prominence as White House had earlier warned that if the debt ceiling deal is not made, it could have a devastating effect on the stock markets.
Also Read: Smart Money More Inclined To Invest In Ethereum Over Bitcoin: Bloomberg
Last week, the White House said that if the US defaults, the stock market could likely decline by more than 45%. In addition, President Joe Biden sparked a row in the crypto market with his comments over not intending to help crypto traders with the deal.
Debt Ceiling Talk Bullish For Bitcoin
In this context, the crypto trader community is enraged over Biden’s comments. In fact, some traders spoke about not supporting Biden over his government’s Bitcoin stance in the upcoming US election 2024. However, uncertainty in the macroeconomic space had in the recent times worked in favor of the crypto market, as investors preferred high return, high risk investment options. Hence, uncertainty and instability will remain in the financial market whether or not a debt ceiling deal is arrived at or not before the June 1 deadline.
A debt ceiling deal that raises the ceiling is bullish for Bitcoin.
A debt ceiling no deal that causes default and pandemonium is bullish for Bitcoin.
Pretty much everything that happens is bullish for Bitcoin.
Funny that some either can't see it or don't want to see it.
— Mike Alfred (@mikealfred) May 21, 2023
Relief in the markets would trigger BTC price jump if the deal is reached at, while fear and uncertainty in stock market would transform Bitcoin into a safe bet if the deal talks fail. Overall, it will likely be a safe ride for crypto market in the coming months. On the other side, the crypto market would digest positive momentum in the economy if the US Fed eventually opts to hold the interest rate hike spree.
Also Read: MicroStrategy Replies To FASB Standards To Update Bitcoin Holdings
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BONK Scores Major Win as Team Adjusts Fee Structure to Boost DAT Purchases
- Kalshi, Robinhood and Crypto com Face Cease & Desist Order in Connecticut
- First Chainlink ETF Sees Massive Investor Activity with $41M in Inflows on Launch
- $12T Charles Schwab to Launch Bitcoin and Ethereum Trading in Early 2026, CEO Confirms
- Senator Tim Scott Floats December 17 and 18 For Crypto Market Bill Markup
- Dogecoin Price Holds $0.15: Bullish Reversal or Just a Temporary Bounce?
- Sui Price Surges 10% As Vanguard Group Adds SUI to Bitwise 10 Crypto Index
- Bitcoin Price Prediction: Will Next Bull Run Push BTC to $100,000?
- Pepe Coin Price Risks 80% Crash as Alarming Pattern Forms and 6.5T Inflows
- Chainlink Price Surges 20%: What’s Driving Massive Upswing?
- Solana Price Poised for 25% Rally as ETF Inflows Surge Past $650M
