- The crypto market rallies following news of the U.S. debt ceiling deal confirmation.
- Bitcoin price climbed above the $27K value area.
- Cryptocurrencies react positively to the U.S. debt ceiling news.
Cryptocurrency prices kick-started upside moves on Sunday amidst notable market developments. Bitcoin (BTC) soared past the $27K region following the debt ceiling agreement news from President Joe Biden and Speaker Kevin McCarthy. Biden revealed the deal on Twitter, terming the move as crucial in reducing spending.
Meanwhile, the President affirmed that failure to reach the tentative deal would see the U.S. economy on a disastrous default and eventually recession, crashing jobs and affecting retirement accounts. Earlier Invezz.com reported that Biden wouldn’t accept any deal benefiting cryptocurrency investors.
McCarthy revealed the deal agreement deal earlier, stating that President Biden wasted months refusing to discuss the debt ceiling. Meanwhile, the deal comes some days before the 1 June 2023 deadline – which was to attract turmoil within the financial world.