Bitcoin Rally Kickstarts Over Debt Ceiling Deal Confirmation News

Also Read: Binance To Suspend Crypto Services For Japan By November 30

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Earlier, McCarthy announced the deal agreement saying the president wasted several months of time and refused to negotiate on the debt ceiling. The deal announcement just a few days before the June 1, 2023 deadline, after which there could have been turmoil in the financial markets.

“I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.”

Debt Ceiling Deal Reached

Biden confirmed the news saying “Speaker McCarthy and I reached a budget agreement in principle.” However, further negotiations are yet to be done to finalize the legislative text, before the agreement will go to the United States House and Senate. The tentative deal involves raising the US federal government’s $31.4 trillion debt ceiling. Effectively, the agreement involves raising the debt limit for a period of two years and capping the spending.

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Meanwhile, the Crypto Market turned green in its initial reaction to the deal agreement. Hence, a Bitcoin rally may be likely in response to what could be a relief rally in the US stock markets.

Also Read: Ripple Lawsuit Proves Free Market Doesn’t Exist: XRP Lawyer

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