In a recent development, the United States Senate finally passed the legislation bipartisan. US debt ceiling to be raised to $31.4 trillion under legislation. This legislation was very critical to the United States as it has helped prevent the possibility of default. Additionally, the legislation was approved by a vote of 63-36 in the Senate.
Following the passage of the bill, US President Joe Biden stated:
“This bipartisan agreement is a great victory for our economy and the American people.”
Senate Republican Leader Mitch McConnell added:
“In the coming months, Senate Republicans will continue to work to provide a common defense and rein in reckless spending by Washington Democrats.”
In response to the development, the financial markets showed a positive movement. The S&P500 closed at 4,221 on Thursday and the Nasdaq100 also saw some upward momentum. A similar trend was observed in the cryptocurrency market.
BITCOIN (BTC) APPROACHES $27K, ALTCOINS ADVANCE ALONG WITH THE CRYPTOCURRENCY MARKET
Bitcoin (BTC) gained more than 1% over the past 24 hours to break above $27,000. However, after peaking at around $27,200, the leading cryptocurrency token consolidated at $26,900. The market capitalization of the coin is around $15.39B. The price change may be insignificant, but it is still a relief for the struggling cryptocurrency market..
On the other hand, the main altcoin approached $1,900. With an increase of 1.11% in the last day, Ethereum (ETH) is trading at $1,883. Cardano (ADA) and Ripple (XRP) have both grown by 2%. However, XRP is receiving a lot more interest from investors and traders. The altcoin has recovered $0.51 after gaining more than 10% in the last 7 days. Other prominent players include Litecoin (LTC), Solana (SOL), and Avalanche (AVAX).
WILL THE US FED OMIT THE JUNE INTEREST RATE INCREASE?
In other news, the unemployment rate for May is expected to be significantly higher than it was in April. Analysts anticipate a rate of 3%-5%. Furthermore, the data shows that manufacturing activity has declined further in the past month. Therefore, many experts predict that the US Fed will not raise interest rates in the month of June.
Fed Chairman Jerome Powell has also hinted at the possibility of skipping the hike this month, while other indicators predict that there is a 70% chance that interest rates will not change by the end of June. This development may also affect the performance of cryptocurrencies. Therefore, the Fed meeting will hold great significance in the eyes of the crypto community.
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