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BTC, ETH, and many other leading altcoins are all showing positive signs in the past few hours.
Following a recent stint of decline in value, Bitcoin (BTC) price may finally be showing some signs of recovery. This follows after its price surged by over 2.5% in the past day, per CoinMarketCap data.
Incidentally, the surge follows shortly after a CNBC report surfaced about the United States President Biden and House Speaker Kevin McCarthy agreeing to raise the nation’s debt ceiling.
Bitcoin (BTC), Ether (ETH), Others Jump in Excitement
As of publication, Bitcoin (BTC) was seen trading at $27,929, marking a 2.59% price increase. Its market capitalization also stood at over $541 billion.
For what it’s worth, Bitcoin is not the only coin reacting to the news of a potential debt ceiling raise. Ether (ETH) and many other leading altcoins are also showing positive signs as well. Each of them has gained more than 2% in the last couple of hours.
The US government was nearing its first-ever default and President Joe Biden would not have that happen. For this reason, the Democratic president and Republican speaker Kevin McCarthy have worked out a deal to raise the country’s debt ceiling. In line with the agreement, the duo will work to ensure that Republicans and Democrats in Congress will have to compromise and vote unanimously to pass the measure within the week.
About the Sunday agreement, President Biden says he only seeks to avert the dangers that a federal default by June 5 could bring. He said partly:
“The agreement prevents the worst possible crisis, a default, for the first time in our nation’s history.”
Furthermore, the president laid more emphasis on the need for both parties in Congress to work hand-in-hand for the swift passage. He also added that cooperation will be key to the successful passage considering that time is fast ticking down. Biden then urged both parties to put aside their different ideologies and work to prevent the looming danger of default.
A US government default could be so catastrophic that it may start an international financial crisis.