Crypto Market News: The Bitcoin price exceeded $27,000 after news broke of President Joe Biden and top Republican Kevin McCarthy reaching the debt ceiling deal in-principle. President Biden confirmed the deal in his Twitter post, saying it was “an important step forward that reduces spending.” The President acknowledged that without the deal, the US economy would have seen a catastrophic default and hence an economic recession, impact on retirement accounts and loss of millions of jobs. It may be recalled that Biden had earlier said he would not agree on a deal that would benefit crypto market traders.
Earlier, McCarthy announced the deal agreement saying the president wasted several months of time and refused to negotiate on the debt ceiling. The deal announcement just a few days before the June 1, 2023 deadline, after which there could have been turmoil in the financial markets.
Debt Ceiling Deal Reached
Biden confirmed the news saying “Speaker McCarthy and I reached a budget agreement in principle.” However, further negotiations are yet to be done to finalize the legislative text, before the agreement will go to the United States House and Senate. The tentative deal involves raising the US federal government’s $31.4 trillion debt ceiling. Effectively, the agreement involves raising the debt limit for a period of two years and capping the spending.
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Meanwhile, the crypto market turned green in its initial reaction to the deal agreement. Hence, a Bitcoin rally may be likely in response to what could be a relief rally in the US stock markets.
