Bitcoin hovered between $26.5K and $27.5K as investors monitored debt ceiling discussions, which House lawmakers said had progressed on Thursday. Ether remains range-bound. TheSamReynolds and JPRubin23 report
The question seemed foremost on the minds of crypto investors who continued to track negotiations about the U.S. debt ceiling. House lawmakers reported progress in the discussions, although whether they and the Biden Administration reach an agreement remains uncertain.
Ether, the second largest crypto in market value, was similarly range-bound, changing hands just above $1,800, up roughly 0.4%.CoinDesk Market Index“For now, we are stuck in a holding pattern of sorts until we see a resolution to this debt ceiling crisis," Dave Weisberger, the CEO and co-founder of CoinRoutes, an algorithmic-trading platform for cryptocurrencies.
The Biden Administration halts negotiations to pursue its own actions and spending increases, which would be"wildly bullish for bitcoin in the long run," Weisberger wrote. Or in the most likely result, the U.S. House and administration reach an agreement and"this period of uncertainty and volatility would come to an end," sending bitcoin higher, albeit only if the U.S. central bank pauses rate hikes.
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