Bitcoin Price Shoots Amid Talks of Possible US Debt Ceiling Raise
As of press time, Bitcoin (BTC) is trading 3.5% up at a price of $28,053 and a market cap of $542 billion. Along with BTC, Ether (ETH) and other top-performing altcoins have also shown a strong move gaining over 3% recently. advertisement The probability of the deal of raising the debt ceiling between President Joe Biden and House Speaker Kevin McCarthy, has served as a catalyst to the global market. However, the agreement still has to clear through the US Congress very soon in order to avoid any potential default. Also, the surge in Treasury Yields as well as the bets on US monetary tightening are also some of the potential headwinds ahead. Speaking to Bloomberg on the current development, John Toro, head of trading at digital-asset exchange Independent Reserve said: “This morning’s positive risk sentiment directly relates to the resolution of the debt-ceiling impasse. Front-end funding costs remain highly elevated relative to crypto returns, re...