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Major cryptocurrencies are back slightly in the red on Monday evening as investors keep a close watch on the development of the debt ceiling deal.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -0.24% | $27,676 |
| Ethereum (CRYPTO: ETH) | -0.14% | $1,893 |
| Dogecoin (CRYPTO: DOGE) | -1% | $0.072 |
What Happened: Bitcoin climbed above $28,000 on Sunday, marking its first peak in nearly three weeks. Currently, BTC is struggling to rebound to reach the $28K levels.
This rise in value can be attributed to the agreement between Joe Biden and House Speaker Kevin McCarthy, which has temporarily suspended the nation’s debt ceiling until Jan. 1 2025, preventing a potential default on its obligations as early as June.
Additionally, it is expected that the US Treasury will issue approximately $1 trillion in debt to replenish its Treasury General Account.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| The Graph | +6.31% | $0.1342 |
| XRP | +6.13% | $0.5209 |
| Quant | +4.88% | $117.73 |
At the time of writing, the global crypto market capitalization stood at $1.16 trillion, an increase of 0.32% over the last day.
The US stock market experienced a minor uptick as investors on Wall Street weighed the potential outcome of Congress approving a preliminary deal to increase the US debt ceiling. The S&P 500 managed to achieve a slim 0.002% uptick after moving both above and below the neutral point during the trading session. At the same time, the Nasdaq Composite saw a more significant gain of 0.32%.
However, even as a preliminary deal is in place, significant hurdles remain for the compromise legislation to make its way through the House, as growing opposition from within the GOP may prove to be a significant roadblock.
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Analyst Notes: "Bitcoin is steady as investors await to see how the cryptoverse will react to the tightening of conditions once the debt deal gets passed and a trillion dollars worth of Treasury bills gets issued by the Treasury. Typically, when governments issue debt that takes their debt to GDP at uncomfortable levels, that should be good news for crypto, but too many crypto companies might deal with difficult financing options over the next year," said Edward Moya, Senior Market Analyst at OANDA.
Michaël van de Poppe highlighted that the higher time frames for Bitcoin suggest that the 200-Week Moving Average (MA) and Exponential Moving Average (EMA) are acting as strong support levels.
"Probably some more consolidation, but if that area sustains as support, we’ll be eager for continuation to the upside," he said.
Crypto Trader Tony Vays urges caution in the current state of the Bitcoin market despite a potential “buy-the-dip” scenario. According to Vays, while Bitcoin is currently showing some strength, he prefers to see more definitive signs of bullishness in the market.
"It really is time for Bitcoin to rise. From a weekly perspective, however, there's really not enough bullishness… But you know how I prefer strength. I prefer new highs. I prefer breakouts."
He believes that Bitcoin will continue to rise and is expected to reach a new yearly high once it surpasses the $30,000 mark.
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