Bitcoin, Ethereum Soars
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), popularly known as cryptocurrencies, have finally break the shackles. The prices of digital currencies received a boost as lawmakers on Capitol Hill appeared less likely to trigger the first-ever debt default in U.S. history.
Republican House Speaker Kevin McCarthy and President Joe Biden were inching closer to a finalized deal on America’s debt ceiling on Sunday and assessing the support they have to pass legislation this week, per the Associated Press.
Apparently, Bitcoin (BTC), Ethereum (ETH) and others staged a sharp rally. BTC climbed 4.5% over the past day to around $28,255. ETH was up 4.9% to around $1,919 as well.
Some altcoins, including Cardano and Solana, outpaced those gains.
On Twitter, cryptocurrency trader @Rager attributed the increase in Bitcoin’s price to the parting clouds on Capitol Hill. “Thanks for the weekend pump, White House,” he wrote.
The global crypto market cap surged 4.36% to $1.17 tn, over the last 24-hours. The total crypto market volume has also witnessed an increase of 72.39% to $31.64 bn. The total volume in DeFi is currently $2.03 bn, 6.40% of the total crypto market 24-hour volume. The volume of all stablecoins is now $28.76 bn, which is 90.90% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 46.82%, an increase of 0.57% over the day.
IC15 index, the barometer of top fifteen tokens, has advanced 2.41% to 38,533.
Meanwhile, Treasury Secretary Janet Yellen warned weeks ago, that the U.S. would be shaken by an “economic catastrophe” if Washington failed to raise the debt ceiling in time.
As June 1 approaches, it is still unclear whether Washington can pull it together in time or what impact a last-minute deal could have on markets. But, for the time being, it appears crypto markets are pricing in some faith on the bipartisan front.
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