"It's also going up after waiting for so long, is the price of BTC going to break $29K anyway?"
The price of cryptocurrency king Bitcoin (BTC) managed to break above $28,000 as President Joe Biden and Republican Kevin McCarthy reportedly reached a debt ceiling deal that is nearing its June 1 deadline.
Biden said that the economy of the United States (US) would experience a default followed by a recession and the loss of millions of jobs including the impact on retirement accounts if the agreement was not implemented.
But it should be noted that he will absolutely not agree if there is any agreement that benefits crypto traders.
While financial markets may face a setback in the near future, the deal was seen as coming after McCarthy said Biden had wasted months in resolving the debt ceiling issue.
Here it can be seen that Biden and McCarthy have finally reached a budget agreement, but further negotiations have yet to take place to finalize the legislative text before the agreement is submitted to the US House and Senate.
Among the items included in the tentative agreement is raising the US federal government's debt ceiling of $31.4 trillion, raising the debt limit for a period of two years and limiting spending.
The streak, the entire crypto market began to see a rise when the price of BTC jumped by 4.17% at the level of $28,234 in the last 24 hours while Ethereum (ETH) and Ripple (XRP) also gained 3.48% and 1.96% respectively, that is at $1,916 and $0.48 .
