Crypto & Stocks Bleed As Investors Await Debt Ceiling Deal; FOMC Minutes In Focus – Crypto News – Crypto News
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Crypto & Stocks Bleed As Investors Await Debt Ceiling Deal; FOMC Minutes In Focus – Crypto News

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3 years ago

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Investors starting to panic as crypto and stocks continue to tumble with no progress on the debt ceiling dealand FOMC Minutes release today. Nothing seems to be working for investors at the moment as gold price remains flat, Bitcoin price tumbles over 2% and the crypto market also fell 2%, and global stock markets falling on average 1% today.

Debt Ceiling Deal: Stock and Crypto Markets Break Lower

US futures to open lower on Wednesday as talks on debt ceiling limit will continue this week, with hype related to the Treasury bill market. FOMC minutes release putting additional selling pressure as Fed officials agree to raise interest rates over 6% amid higher inflation and a tight job market.

UK CPI for April fell to 8.7% year-on-year against market expectations of 8.2%, which is well above the Bank of England’s 2.0% target, The core inflation however jumped to 6.8% from 6.2% last month, dragging the European markets lower. Asian markets also closed lower amid concerns surrounding the Chinese market.

Meanwhile, the US dollar hovers near 2-month high over worries around the debt ceiling and markets breaking lower. The US Dollar Index (DXY) currently moves above 103.50, marginally higher in the past 24 hours. The probability of a pause in June continues to decline. accordingly to CME FedWatch Tool.

treasury secretary Janet Yellen warns that the US Treasury will run out of funds by June 1. The Treasury General Account fell to $57 billion from $316 billion earlier in May, with an opening balance of $636 billion this fiscal year.

Also Read: Elon Musk Asks “Not To Bet On Crypto And Dogecoin”

Bitcoin to Crash Below $25K

Veteran trader Peter Brandt warns For crypto investors BTC price probably breaking below $25k to the next support at $24.8k, with debt ceiling remains to be major concern.

btc price trades below $27k, down 2% in the past 24hrs. Altcoins including Ethereum, XRP, Cardano, and Polygon also fell over 2%. Meme coins Dogecoin and Shiba Inu prices shed 3% after Elon Musk asked investors not to put all their money in crypto and Dogecoin.

Also Read: Terra Classic Developer L1TF To Work On USTC Repeg To $1 After Parity Upgrade

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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