Crypto Market Shows Strength as US Senate Passes Legislation

Crypto Market Shows Strength as US Senate Passes Legislation
Table of Contents

In a recent development, the US Senate has finally approved the bipartisan legislation. The US debt ceiling will be raised from $31.4 trillion per the legislation. This legislation was very critical for the US as it has helped in averting the possibility of a default. Moreover, the legislation was passed by a vote of 63-36 in the Senate.

Upon the passing of the bill, US President Joe Biden stated,

“This bipartisan agreement is a big win for our economy and the American people”

Senate Republican Leader Mitch McConnell added,

“In the coming months, Senate Republicans will continue working to provide for the common defense and control Washington Democrats’ reckless spending”.

In response to the development, financial markets showed positive movement. The S&P500 closed at 4,221 on Thursday and the Nasdaq100 also noticed upward momentum. A similar trend was observed in the crypto market.

Bitcoin (BTC) Moves Close to $27K, Altcoins Stride Forward, the Crypto Market reacts

Bitcoin (BTC) gained over 1% during the last 24 hours to cross $27K. However, after posting a high of around $27,200, the leading cryptocurrency token has consolidated to $26.9K. The market cap of the coin is around $15.39B. The price change might be negligible but it is still a relief for the struggling crypto market.

Crypto Market Reacts

On the other hand, the leading altcoin inched closer to $1,900. With an increase of 1.11% in the last day, Ethereum (ETH) is trading at $1,883. Cardano (ADA) and Ripple (XRP) both have grown by 2%. However, XRP is enjoying much more interest from investors and traders. The altcoin has regained $0.51 after gaining over 10% in the last 7 days. Other prominent performers include Litecoin (LTC), Solana (SOL), and Avalanche (AVAX).

Will US FED Skip the June Interest Rate Hike?

In other news, it is expected that the unemployment rate for May will be significantly higher than in April. Analysts anticipate a rate of 3%-5%. Plus, the data shows that the manufacturing activity has further decreased in the past month. Thus, many experts are predicting that the US Fed will not increase the interest rates in the month of June.

The Fed Chair Jerome Powell has also hinted at skipping the increase this month, whereas other indicators predict there is a 70% chance to have unchanged interest rates by the end of June. This development can also impact the performance of cryptocurrencies. Therefore, the Fed meeting will hold immense significance in the eyes of the crypto community.  


Follow us on Social Networks

Crypto Tutorials

Crypto Reviews