Bitcoin jumps to more than two-week high post US debt ceiling

May 29, 2023

Bitcoin reaches highest level in over two weeks as investor sentiment boosts from US debt limit deal.

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The largest digital token saw a 3.2% increase before pulling back to trade at $28,006.

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Smaller tokens like Ether and Binance Coin also experience gains but fall from intraday highs.

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The debt-ceiling deal between President Biden and House Speaker McCarthy improves risk appetite in global markets, but Congress approval is still needed to avoid a US default.

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Increase in treasury yield and expectations of US monetary tightening pose potential challenges.

Bitcoin's five-day winning streak provides some relief after a tough quarter affected by liquidity issues and US regulatory actions.

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While crypto markets have rebounded from last year's crash, they remain below record highs, including Bitcoin's peak of nearly $69,000 in 2021.

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