“Crypto Market Cap Rises as US Debt Ceiling Increases: CoinMarketCap Report”

Jakarta, CNBC Indonesia – Crypto by market cap big monitored in the green zone. Positive sentiment came from the announcement by the United States (US) White House regarding the agreement to increase the debt ceiling.

Launch CoinMarketCap, Daily trading Monday (29/5/2023) shows Bitcoin strengthening 3.43% and strengthening on a weekly basis 5.35%. Ethereum as the coin with the second largest market capitalization also strengthened 3.08% daily and 5.89% weekly.

The seven cryptocurrencies with the largest market caps are all in the green zone, both daily and weekly. Top gainers or the crypto that provides the biggest returns in a week, namely Polygon with an increase of 9.96%.

An increase in the debt ceiling will encourage increased liquidity, so that the value of the dollar tends to potentially weaken and the market will again see the potential of crypto as a substitute currency.

Previously, stalemate over the debt ceiling hike debate at the White House spooked financial markets, thus weighing on stocks and forcing the US to pay the highest interest rates in several bond sales.

If Default happenIt is also said that it will take a bigger toll, including possibly pushing the US into recession, destabilizing the world economy, and causing a spike in unemployment.

Debt threshold discussion (debt ceiling) The US had become a hot debate between the Democratic Party (Joe Biden) and the Republickan (Kevin McCarthy).

Launching Coindesk, the Speaker of the US House of Representatives, Kevin McCarthy, stated that there is still work to be done regarding this perrule (bill) through Sunday and voting Wednesday.

Meanwhile, President Biden said the deal was “an important step forward,” calling it a compromise.

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