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- As per CMC, Bitcoin (BTC) is trading 3.5% higher at $28,009.
- A potential failure could result in a market crash and economic turmoil.
Bitcoin (BTC) experienced an increase of over 3.4 percent during the early trading hours on Monday, May 29. This rise coincides with the United States’ plans to raise its debt ceiling from the current $31.4 trillion.
According to CMC, Bitcoin (BTC) is currently trading 3.4% higher at $28,009, with a market capitalization of $542 billion at the time of this report. Ether (ETH) and other major cryptocurrencies have also shown a notable increase, climbing more than 3% alongside BTC.
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Potential Failure Could Be Catastrophic
Global markets have been uplifted by hopes of a potential debt limit agreement between President Joe Biden and House Speaker Kevin McCarthy. However, to prevent a possible default, the agreement still requires approval from the US Congress. A potential failure could result in a market crash and economic turmoil.
Possible challenges include rising Treasury Yields and expectations of US monetary tightening. Despite considerable downward pressure, Bitcoin has now recorded five consecutive days of gains, marking its longest winning streak since March.
Following a challenging winter in 2022, cryptocurrency investors have experienced success thus far in 2023. On-chain data indicates that Bitcoin address activity is on the rise after hitting a monthly low earlier this week. Over the past three weeks, BTC address activity has surged.
The analysis indicates that Bitcoin address activity is gradually recovering after falling to a concerning low in May. Attention is now focused on the Federal Reserve’s interest rate decision. The IMF has urged the Fed to raise interest rates to combat inflation.
