Cryptocurrency prices surged over the weekend and early on Monday after the announcement of a deal on the US debt issue. Risk sentiment was briefly renewed, boosting crypto markets. The rally was short-lived hover, and most cryptocurrency prices deflated later on Monday. Risk sentiment fluctuates, causing volatility in risk assets, such as cryptocurrencies.
The ongoing debate around the US debt ceiling is causing economic uncertainty, inducing volatility in cryptocurrency prices. Increasing US debt fears have been driving risk sentiment down, putting pressure on cryptocurrencies.
US President Joe Biden and Republican House Speaker Kevin McCarthy announced over the weekend that they have reached a tentative agreement to suspend the federal government's debt ceiling. The deal, however, will have to pass through Congress before the US runs out of resources to meet its obligations.
The bitcoin price rose to $28,300 early on Monday but retreated later in the day, dropping to the $27,600 level. If the BTC price declines, support can be found near $26,000, while resistance may be encountered near $29,000. Reports that Tether, the largest asset-backed stablecoin, would invest up to 15% of its net profit into Bitcoin every month boosted Bitcoin.
Ethereum price skyrocketed to the $1,920 level in early trading on Monday but dropped to $1,880 later in the day. If Ethereum's price declines, it may encounter support near $1,740, while if it increases, resistance may be encountered at $2,000.
Signs that major central banks are starting to wind down their hiking cycles provide support for risk assets. The Federal Reserve raised interest rates by 25 basis points at its latest monetary policy meeting, bringing the benchmark interest rate to a 16-year high target range of 5.00% to 5.25%. The US Central Bank has signaled that its hawkish policy is coming to an end, boosting risk assets.
BTC/USD 1h Chart
ETH/USD 1h Chart
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Written by:
Myrsini Giannouli
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