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- 1 Bitcoin’s price has started to show a bearish trend in recent hours.
- 2 The bearish performance of Bitcoin (BTC) was noted after the news of the U.S. debt ceiling bill.
- 3 The dominance of BTC is currently 46.07% showing a decrease of 0.20% over the day.
The price of most of the cryptocurrencies, including Bitcoin, are sloping down after the U.S. debt ceiling has been passed. The U.S. lawmakers approve raising the ability of the government to issue new debt that may put pressure on the volatile assets, and the volatility of cryptocurrencies is already known.
The debt ceiling bill was passed by a vote of 314-117, along with defections on both sides of the aisle to send the bill to the U.S. Senate. However, if this bill becomes law before June 5th, then the U.S. Treasury will print trillions of dollars to save the economy of the U.S. As a result, another rate hike announcement can be expected from the Federal Reserve in the upcoming month.
Notably, the Federal Open Market Committee (FOMC) will meet on the 15th and 16th of June to make an announcement about their interest rate decision.
Bitcoin Price Analysis
At press time, BTC price is trading at $26,841.55 with a 24-hour trading volume of $15.25 Billion. The most-traded cryptocurrency by market cap is down 1.15% in the last 24 hours while having a current market cap of $520.44 Billion. As per the data, sourced from CoinMarketCap, the coin noted low at $26,671.72 while high was at $27,346.11.
As shown in the above price chart, the recent hour’s performance by BTC was mostly below the trading range of $27,000. Meanwhile, the House of Representatives passed the U.S. debt ceiling bill on May 31st, Wednesday. As Reuters reported, “a dividend of the U.S. House of Representatives passed a bill to suspend the $31.4 Trillion debt ceiling.” After this debt ceiling deal, a little drop is seen in the trading price of BTC.
Furthermore, the global crypto market cap is $1.13 Trillion, a 0.67% decrease over the last day. The total crypto market volume over the last 24 hours is $31.95 Billion, which makes a 6.39% decrease. The total volume in DeFi is currently $2.57 Billion, 8.04% of the total crypto market 24-hour volume. The volume of all stablecoins is at $29.64 Billion, which is 92.79% of the total crypto market 24-hour volume.
The reaction of Bitcoin price after the U.S. debt ceiling bill announcement is currently showing bearish sentiments. Similarly, other cryptocurrencies such as ETH, ADA, and DOT are also following bearish trends after the news.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
