Despite recent legislative action in the United States to avert a government debt default, Bitcoin and other leading cryptocurrencies are experiencing price declines. This drop coincides with the U.S. House of Representatives voting to suspend the national debt ceiling. The bill passed 314 to 117, garnering bipartisan support.
Next in its legislative journey the bill will go to the Senate for approval. If enacted by June 5, it permits the U.S. Treasury to issue new debt, averting a potential default on its fiscal obligations.
Financial analysts predict this move could lead the Federal Reserve to consider hiking interest rates during their June assembly. As a result, uncertainty hangs in the air. What is the best crypto to buy under these volatile macroeconomic conditions?
At present, Bitcoin’s price is hovering slightly below the $27,000 mark. The leading digital currency shows a modest decline of 1.4% in the past 24 hours, resting around $26,900. Bitcoin's total 24-hour trading volume is touching $15.25 billion, with a market cap of $522 billion.
Comparatively, the worldwide crypto market capitalization stands at $1.099 trillion, marking a 0.72% dip today. Over the last 24 hours, the total crypto market volume is registered at $29.64 billion, showing an 11.74% decrease.
Meanwhile, DeFi volume sits at $2.23 billion, contributing 7.51% to the total crypto market's 24-hour volume. Stablecoins volume currently sits at $27.41 billion, constituting 46.05% of the total crypto market's 24-hour volume.
As the investing world holds its collective breath, potential triggers for the next significant price movement could come from the Federal Reserve's June meeting and its implications on monetary policy. Amidst this economicRead more on cryptonews.com