Cryptocurrencies Rally as US Lawmakers Approach a Debt Ceiling Deal 

In hopes of avoiding a potentially catastrophic debt default, US lawmakers have agreed to raise the overall debt ceiling. As a result of the agreement to this deal, the US equities markets, along with the cryptocurrencies sector displayed signs of major recovery. As of now, the mass purchase of cryptocurrencies is not only limited to Bitcoin (BTC) alone as a number of altcoins have displayed signs of short-term up-move. However, there is a possibility that maintaining the rally at higher levels might get difficult for the bulls.

Biden shared a statement about the deal and said,

“The agreement represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing.”

It is currently believed that traders would divert their attention toward the FED’s interest rate hikes after the debt ceiling deal. The recent data shared by the Personal Expenditures Expenditures has accelerated the possibility of another rate hike during the FED’s meeting in June. Currently, the possibility of a 25-basis point hike has increased from 17% to a whopping 64%. 

Cryptocurrencies Display Signs of Recovery 

Keeping in mind the positive sentiment revolving around the ongoing situation, a number of cryptocurrencies have shown recovery. Furthermore, the current recovery stage serves as a sigh of relief to numerous crypto traders as cryptocurrencies have escaped the loop of continuous decline. Some of the many cryptocurrencies to perform exceptionally well have been mentioned as follows. 

Cryptocurrencies Display Signs of Recovery 

  • Bitcoin (BTC): The largest cryptocurrency by market cap has surged by 2.49% in the previous 24 hours. Bitcoin (BTC) previously reclaimed the $28K mark not too long ago but has now dropped back to $27,889. The total market cap of the token is currently $540 billion. 
  • Ethereum (ETH): Among the other cryptocurrencies on the list to trade in the green is Ethereum (ETH). At the time of writing, the token is trading for $1897, and the trading price is backed up by an increase of 2.20% in the previous 24 hours. Similarly, the market cap of the token stands at the $228 billion mark. 
  • Solana (SOL): Solana has surged by 0.44% since the previous day and is currently trading for $20.59. Its total market cap currently stands at the $8 billion mark. 
  • Cardano (ADA): Cardano (ADA) displayed a decent increase of 1.46% in the last 24 hours, and it has launched its price upwards to $0.3798. Currently, the total market cap of the token is approximately $13 billion.