Major cryptocurrencies saw a significant gain on Sunday evening following news that the White House had reached a deal to avert an impending debt ceiling crisis.
| Cryptocurrency | gain +/- | Price (recorded at 9:30 PM ET) |
| Bitcoin (Crypto: BTC) | +3.86% | $28,166 |
| Ethereum (Crypto: ETH) | +3.52% | $1,914 |
| Dogecoin (Crypto: DOGE) | +1.10% | $0.073 |
what happened: The buying frenzy is not limited to Bitcoin, as some altcoins are also showing signs of a rally.
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Over the weekend, the Speaker of the House Kevin McCarthy He told reporters that the bill still needed work before it was finalized. He expected it to be ready by Sunday and the vote would take place on Wednesday.
Meanwhile, the president Joe Biden In a statement, he said the deal was an “important step forward” and a compromise.
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Top Gainer (24 hours)
| Cryptocurrency | gain +/- | Price (recorded at 9:30 PM ET) |
| mask network | +14.72% | $4.79 |
| pancake swap | +10.43% | $1.73 |
| shorthand | +8.63% | $7.12 |
As of this writing, the global cryptocurrency market capitalization stands at $1.17 trillion, up 2.93% from the previous day.
U.S. stock futures rose after the announcement of a deal to raise the federal debt ceiling. Contracts on the S&P 500 and Nasdaq 100 rose about 0.5%, signaling optimism for the market.
The positive sentiment continued after the US market closed higher on Friday, with tech stocks leading the gains. The Dow Jones Industrial Average rose 1% and the S&P 500 rose 1.30%. The Nasdaq had the strongest performance with his 2.19% rise.
US markets remained closed on Monday for Memorial Day.
look more: Best Crypto Day Trading Strategy
Analyst Note: “Bitcoin has made a decent move, with weekly and monthly candlesticks improving.We need to get a higher low, after which we will continue to move towards $30,000,” said a crypto analyst. Michael van de Poppe.
pseudonymous cryptocurrency analyst Bluntssaid Bitcoin is poised to surge towards the $29,000 mark.
The trader said the current market structure of Bitcoin is similar to the price movement in the second half of 2019. During this period, Bitcoin surged from $8,000 to $12,000 in less than a month.
“I’m actually open to the idea of BTC bouncing just a little higher than the channel highs, similar to 2019.[It]would probably give alternatives a lot of room for a decent bounce, and some of investors are expecting ”
Brantz expects bitcoin to see a temporary rally in the near future, but said the rally won’t last long. He predicts that BTC will eventually return to a downward trajectory, settling around the low $20,000 price level.
pseudonym trader Don Artz The lack of follow-through from the BTC bears after defending the $30,000 resistance suggests a good sign for Bitcoin’s future.
DonAlt said bitcoin traditionally falls sharply when it hits important resistance levels, but the fact that it is consolidating near $30,000 is a silver lining, with more good news for the cryptocurrency on the horizon. He pointed out that it indicates that there is a possibility that
“Like I said in the monthly, we have a breakdown here, but so far nothing has happened. I think that’s good for the bulls. Even if (even if) “the price stays the same. Of course, if the price goes up, I’ll just go back to being completely bullish.”
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