• The cryptocurrency market has stalled this week due to investors‘ focus on the US debt ceiling talks.
• With prices down, it could be an excellent opportunity for investors to purchase cryptocurrencies like Metacade.
• Market experts believe that if the US defaults on its loan, assets such as cryptocurrencies and commodities will strengthen.
Crypto Market Stalls as Investors Weigh Debt Ceiling Talks
The cryptocurrency market has been in a consolidating stage this week as investors consider their positions with regards to the ongoing debt negotiations in the United States. Prices of most cryptocurrencies are currently in the red zone, leading to a poor performance from the crypto market this week.
Debt Ceiling Talks and Impact on Crypto Markets
Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st, potentially leading to a default on its loan. According to official data obtained from the US Treasury Fiscal Data website, current US debt stands at $31.46 trillion while the limit is set at $31 trillion. Bitcoin continues to trade below $27k and total cryptocurrency market cap stands at $1.13 trillion, both down by 1% over the last 24 hours due in part to these debt talks.
Experts’ Opinion Regarding Debt Ceiling Impact
Market experts believe that if there is a default, more dollars will be printed which may weaken the dollar but strengthen commodities and digital assets such as cryptocurrencies. Jesse Meyers, chief operating officer of investment firm Onramp commented “If we see any kind of default or negative outcome from these talks it would be very bullish for Bitcoin and other digital assets”.
With prices now down, some investors may view this dip as an ideal opportunity to purchase more coins and tokens like Metacade while others are taking a more conservative approach until further clarity is provided regarding these talks.
Ultimately it remains uncertain what impact these discussions may have on crypto markets however with prices now down it could be an excellent buying opportunity for those looking to invest in cryptos such as Metacade before markets turn around again