Crypto Market News: Bitcoin price crossed $27,000 after news broke that President Joe Biden and top Republican Kevin McCarthy basically reached the debt ceiling deal. President Biden confirmed the deal in his Twitter post, saying it was “an important step forward that cuts spending.” The president acknowledged that without the deal, the U.S. economy would have faced catastrophic bankruptcy, leading to economic recession, impacts on retirement accounts and the loss of millions of jobs. It may be recalled that Biden had previously said that he would not agree on a deal that would benefit traders in the crypto market.
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Earlier, McCarthy announced the deal agreement, saying the president wasted several months and refused to negotiate the debt ceiling. The announcement of the deal just a few days before the deadline of June 1, 2023, after which there could be turmoil in the financial markets.
“I just got off the phone with the president a while ago. After he wasted time and refused to negotiate for months, we have reached an agreement in principle worthy of the American people.”
Debt ceiling agreed
to pray confirmed the news said, “Speaker McCarthy and I have reached a budget agreement in principle.” However, further negotiations are still needed to finalize the bill before the agreement goes to the United States House and Senate. The tentative deal involves raising the US federal government debt ceiling of $31.4 trillion. In effect, the deal means raising the debt limit for a period of two years and capping spending.
Meanwhile, the crypto market turned green in its initial reaction to the deal agreement. Therefore, a Bitcoin rally is likely in response to what could be a relief rally in US stock markets.
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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at anvesh@coingape.com.
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