The BTC/USD pair drifted upwards during the weekend after it dropped to a low of 25,917 during the weekend.
It rose to a high of 28,000, the highest level in more than two weeks. Other cryptocurrencies followed suit, with Ethereum jumping to $1,850 and BNB hitting $310.The BTC/USD pair jumped as investors embraced a risk-on sentiment after Speaker Kevin McCarthy reached a deal with the White House. The deal, if passed, will see the US avoid a historic default that would have roiled the market.
The deal is seen as being positive for Bitcoin for two main reasons. First, it will eliminate the risk of America’s default, which would be bad for all assets. Second, it will lead to more US government debt in the coming years. Many Bitcoin holders believe that it is a better alternative to the US dollar now that the country has over $31 trillion in debt.
As a result, it will push the Fed to consider another rate hike in June. Besides, data published on Friday showed that the country’s personal consumption expenditure rose in April.
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