In recent months, many Bitcoin investors expressed doubt on the future of this investment scheme and cryptocurrency in general, but recently, the Bitcoin climbed to the highest level in more than two weeks amid a boost to investor sentiment from a deal on raising the US debt limit.
The largest digital token added as much 3.2% on Monday and was trading at $28,182 as of 9:32 a.m. in Singapore, oscillating around its 50-day moving average. Smaller tokens ranging from Ether to Binance Coin also posted gains.
The debt-ceiling deal between President Joe Biden and House Speaker Kevin McCarthy has helped risk appetite in global markets. But the agreement still has to clear Congress quickly to avert a US default. A recent jump in Treasury yields and bets on more US monetary tightening are other potential headwinds.
“This morning’s positive risk sentiment directly relates to the resolution of the debt-ceiling impasse,” said John Toro, head of trading at digital-asset exchange Independent Reserve. “ ..
Source: Economic Times
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