“Bitcoin and Ethereum Rally as Biden Reaches Final Agreement on Debt Negotiations with McCarthy”

U.S. President Joe Biden said this morning that he had reached a final agreement with McCarthy on debt negotiations and would try to get Congress to pass it. Inspired by this, Bitcoin briefly approached $28,500, and Ethereum reached a peak of $1,927.
(Recap:The crisis is temporarily lifted” White House Republicans reached a debt ceiling agreement! Bitcoin jumps 1.27%）
(background supplement:6/1 U.S. debt default day: a great opportunity for Bitcoin?）

beautifulGood news came from the national debt crisis, and President Biden made a speech on the local Sunday (28) eveningAnnouncehe has reached a final agreement with House Speaker McCarthy to raise the debt ceiling, ready to be submitted to Congress for a vote, and called on both houses of Congress to pass the agreement bill as soon as possible.

Further reading:U.S. debt credit rating linked to emergency!Fitch Puts the U.S. on the “Pending Downgrade List”; McCarthy Gives a Shot: Never Default

It is understood that the agreement reached by the two parties includes: increasing the debt limit for two years (both will set a ceiling), withdrawing unused Covid-19 anti-epidemic funds, cutting some non-military government expenditures, and accelerating the approval process of some emergency plans. At the same time, add additional working conditions for low-income households receiving food or medical assistance…etc.

Note: McCarthy said the House will vote on the legislation on Wednesday, giving the Senate time to consider it by June 5.

Bitcoin hits as high as $28,500

At the same time, it was also reported that the extreme right of the Republican Party and the progressive wing of the Democratic Party expressed dissatisfaction with the agreement. It remains to be seen whether it can pass the customs smoothly this week. However, inspired by this, Bitcoin reached a peak of US$28,447 at around 8:15 this morning (29), reaching a high point in nearly three weeks, and rose by 4.01% in the past 24 hours.

Ethereum is also highly motivated, reaching as high as $1,927. Before the deadline, it is currently at $1,916, an increase of 3.82% in the past 24 hours. Other mainstream currencies: BNB is currently quoted at $315, XRP $0.48, ADA $0.38…

In the past 24 hours, the entire network liquidated 121 million US dollars

The rapidly rising market has caused many bearish investors to lose money.

According to Coinglass dataIt shows that in the past 24 hours, 32,000 people were liquidated, and the amount of liquidation on the entire network reached 121 million US dollars (short positions accounted for 105 million US dollars). Among them, the liquidation amount of Bitcoin was the largest, reaching 49.12 million US dollars, and the liquidation amount of Ethereum ranked second, reaching 26.17 million US dollars.

Further reading:What is the US debt ceiling crisis? More terrifying than the financial tsunami?Impact on the global economy

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