U.S. Debt Ceiling Talks Set To Resume; Will Crypto Market Rally?

Crypto News: U.S. President Joe Biden and House Republican Speaker Kevin McCarthy are set to talk over the critical debt ceiling on Monday after a much delay. However, the build up of meetings among the two has left the global financial markets waiting and doubtful.

Also Read: Huobi Charged For Illegally Operating DAX By Malaysian SEC

Debt Ceiling Crisis To Get Resolved Soon?

As per reports, the top official had a phone call on Sunday as Joe Biden returned back to Washington from Japan after attending a G7 meeting. This development is stated as a positive move amid the closing deadline.

Meanwhile, Joe Biden on the final day of the G7 summit gave a big statement on the debt ceiling issue. The U.S. president stated that he’s not going to agree on a deal that protects wealthy tax cheats and crypto traders. However, House Republican Speaker mentioned that he had a positive discussion on the call over dealing with the crisis.

Janet Yellen, Treasury Secretary who flagged the incoming risk stated that some hard choices will be needed to be made considering which bills should go unpaid if the ceiling is not raised. However, she reaffirmed her warning of facing a debt default by June 1. Read More Crypto News Here…

Also Read: Crypto Exchange Trading Volume Sinks Amid Debt-Ceiling Talks

The global crypto market printed red indexes on Monday ahead of the debt ceiling talks. The cumulative market cap dropped by around 0.89% over the past day. However, its 24 hour trading volume registered a surge of around 29% to stand at $22.35 billion.

Bitcoin, the biggest crypto price saw a marginal decline over the past 24 hours reflecting doubt among the traders. However, its 24 hour trading volume is up by 30% to stand at $10 billion. BTC is trading at an average price of $26,813, at the press time.