Bitcoin Spikes as US Closes to Raising Debt Ceiling

May 29, 2023

MCP News Free

Bitcoin Spikes as US Closes to Raising Debt Ceiling

Key Point

President Biden and Speaker McCarthy have reached an in-principle agreement to raise the US debt ceiling
The agreement also includes financing the government for the next two years

After Janet Yellen’s warning on the need to raise the US debt ceiling to prevent historical default, President Biden and the Speaker of Kevin McCarthy have reached an in-principle agreement regarding the debt ceiling.

“After weeks of negotiations, we have come to an agreement in principle. We still have a lot of work to do but I believe this is an agreement in principle that is worthy of the American people,” McCarthy told reporters.

If you can recall vividly, some times last week, we walked you through the current US financial landscape, noting that the cash balance in Janet Yellen’s Treasury plunged to a startling low, and the US is close to defaulting on its debts; if happens, it can jiggle the global economic landscape and to prevent this, the country is currently working on raising its debt ceiling.

As per a Democratic source with knowledge of the matter, the deal would not only raise the debt ceiling, but also requires that the government be funded for the next two years.

Following the in-principle agreement, Bitcoin soared by 3.5% and hit a little above $28k, and dropped afterward. While writing this, Bitcoin is trading at $27.9k. Other coins like ETH and some altcoins also responded with a slight boost in their various prices.

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