{"id":79455,"date":"2023-05-29T09:28:34","date_gmt":"2023-05-29T06:28:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79455"},"modified":"2025-09-11T11:10:16","modified_gmt":"2025-09-11T08:10:16","slug":"us-debt-ceiling-deal-sparks-bitcoin-volatility","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-debt-ceiling-deal-sparks-bitcoin-volatility\/","title":{"rendered":"US debt-ceiling deal sparks Bitcoin volatility"},"content":{"rendered":"<p>On May 28, the Speaker of the US House of Representatives, Kevin McCarthy, announced that there was a principled agreement with the White House on the debt ceiling. The news sparked volatility in the cryptocurrency market.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we\u2019ve come to an agreement in principle that is worthy of the American people.<\/p>\n<p>I\u2019ll deliver a statement at 9:10pm ET. Watch here:<a href=\"https:\/\/t.co\/vmn31INPH5\">https:\/\/t.co\/vmn31INPH5<\/a><\/p>\n<p>\u2014 Kevin McCarthy (@SpeakerMcCarthy) <a href=\"https:\/\/twitter.com\/SpeakerMcCarthy\/status\/1662624437399584768?ref_src=twsrc%5Etfw\">May 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI just spoke with the president [Joe Biden]. After he wasted time and for months refused to negotiate, we have reached a principled agreement,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>The achievement of the agreement was also confirmed by the head of state. According to him, this is an important step forward, \u201cwhich reduces spending\u201d and \u201crepresents a compromise.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle.<\/p>\n<p>It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and\u2026<\/p>\n<p>\u2014 President Biden (@POTUS) <a href=\"https:\/\/twitter.com\/POTUS\/status\/1662639703764484096?ref_src=twsrc%5Etfw\">May 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAnd this agreement is good news for the American people because it prevents what could have been a catastrophic default and lead to an economic downturn, eroding pension funds and costing millions of jobs,\u201d Biden emphasised.<\/p>\n<\/blockquote>\n<p>The agreement is expected to need approval in the Republican-controlled House of Representatives and the Democratic-led Senate before the president signs it. The process could take more than a week.<\/p>\n<p>The US debt ceiling currently stands at $31.4 trillion. Under McCarthy\u2019s plan, the ceiling would be raised by $1.5 trillion and spending cut by $4.5 trillion.<\/p>\n<p>The stock market responded positively to the news \u2014 Nasdaq-100 futures rose 0.59%, the S&#038;P 500 by 0.37%.<\/p>\n<p>In the night of May 29, Bitcoin\u2019s price briefly rose above $28,400. The asset has since corrected toward around $28,000, up 2.9% over the last 24 hours (CoinGecko).<\/p>\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2023-05-29_09-46-13-1024x533.png\" alt=\"BTCUSDT_2023-05-29_09-46-13\" class=\"wp-image-208057\" width=\"840\" height=\"437\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2023-05-29_09-46-13-1024x533.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2023-05-29_09-46-13-300x156.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2023-05-29_09-46-13-768x400.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2023-05-29_09-46-13-1536x799.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2023-05-29_09-46-13.png 1687w\" sizes=\"auto, (max-width: 840px) 100vw, 840px\" \/><figcaption>Hourly BTC\/USDT chart on the Binance exchange. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/BTCUSDT\/?exchange=BINANCE\" title=\"\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Assets in the top-10 by market capitalization moved into the green zone following the leader. The biggest gains at the time of writing were Ethereum and stETH \u2014 3% and 3.2% over the last 24 hours respectively.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"625\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-29-v-09.48.51-1024x625.png\" alt=\"Snimok-ekrana-2023-05-29-v-09.48.51\" class=\"wp-image-208060\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-29-v-09.48.51-1024x625.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-29-v-09.48.51-300x183.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-29-v-09.48.51-768x469.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-29-v-09.48.51.png 1061w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: CoinGecko.<\/figcaption><\/figure>\n<p>Trader going by the pseudonym Rager thanked the White House for the \u201cweekend pump\u201d of Bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Thanks for the weekend pump White House<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/t.co\/sQlv1LvKsD\">pic.twitter.com\/sQlv1LvKsD<\/a><\/p>\n<p>\u2014 Rager (@Rager) <a href=\"https:\/\/twitter.com\/Rager\/status\/1662625354568048641?ref_src=twsrc%5Etfw\">May 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Some members of the crypto community, in a tongue-in-cheek manner, contrasted Bitcoin with gold against the printing of dollars.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> fixes this <a href=\"https:\/\/t.co\/LolrZ4yFvL\">pic.twitter.com\/LolrZ4yFvL<\/a><\/p>\n<p>\u2014 The \u20bfitcoin Therapist (@TheBTCTherapist) <a href=\"https:\/\/twitter.com\/TheBTCTherapist\/status\/1662758958468153347?ref_src=twsrc%5Etfw\">May 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>One user reminded that the US authorities <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-governments-foregone-profits-from-selling-bitcoins-exceed-5-billion\">sell Bitcoin<\/a> and at the same time \u201cprint an unlimited amount of fiat.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a>, meanwhile they\u2019re printing unlimited FIAT<\/p>\n<p>Regarded move <a href=\"https:\/\/t.co\/RTvSH4Obez\">pic.twitter.com\/RTvSH4Obez<\/a><\/p>\n<p>\u2014 Hodlius \u20bf Maximus (@MAKS_Diogenes) <a href=\"https:\/\/twitter.com\/MAKS_Diogenes\/status\/1662964990385573888?ref_src=twsrc%5Etfw\">May 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In early May, the issuer of <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a>, Circle, <a href=\"https:\/\/u1f987.com\/en\/news\/circle-increases-stake-in-us-treasury-bills-amid-us-default-risk\">revised<\/a> its stake in Treasury bills due to the risk of a US default.<\/p>\n<p>In the same month, Bloomberg Intelligence senior strategist Mike McGlone allowed that stock and cryptocurrency markets <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-analysts-warn-of-bitcoin-industry-collapse-if-the-us-defaults\">could be hurt<\/a> should negotiations to raise the US debt limit fail.<\/p>\n<p>Recall that in March, CNBC-polling influential figures in the industry <a href=\"https:\/\/u1f987.com\/en\/news\/cnbc-major-players-forecast-bitcoin-to-reach-100000\">demonstrated bullish sentiment<\/a> toward Bitcoin. According to their forecasts, this year the asset could test <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-hits-all-time-high-at-69000\">its previous high<\/a> and even reach $100,000.<\/p>\n<p>In the run-up to that level, but within 12 months, <a href=\"https:\/\/u1f987.com\/en\/news\/messari-ceo-forecasts-bitcoin-to-reach-100-000\">expressed confidence<\/a> by Messari founder and CEO Ryan Selkis.<\/p>\n<p>Standard Chartered analysts put the timeline for Bitcoin to reach <a href=\"https:\/\/u1f987.com\/en\/news\/analysts-forecast-bitcoin-to-reach-100000-by-the-end-of-2024\">$100,000<\/a> at a later date \u2014 by the end of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 28, the Speaker of the US House of Representatives, Kevin McCarthy, announced that there was a principled agreement with the White House on the debt ceiling. The news sparked volatility in the cryptocurrency market.<\/p>\n","protected":false},"author":1,"featured_media":79456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,480,26],"class_list":["post-79455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitcoin-price","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79455"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79455\/revisions"}],"predecessor-version":[{"id":79457,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79455\/revisions\/79457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79456"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}