"Will the price of BTC see an increase in June as well?"
The price of the mother of all cryptocurrencies Bitcoin (BTC) is still hovering below $28,000 as investors are monitoring developments in the debt ceiling deal that is nearing its June 1, 2023 deadline.
However, BTC on Monday passed $28,400 after President Joe Biden and Republican Kevin McCarthy reached an agreement to suspend the debt ceiling until January 1, 2025 and prevent the United States (US) from defaulting.
According to Edward Moya, Oanda's senior market analyst said that government issuing debt to Gross Domestic Product (GDP) could be good news for crypto, but many digital asset companies may experience difficult financing in the coming year.
While traders who expect the Federal Reserve (Fed) to act more dovish can also cause the crypto market to recover, where 66% predict the US central bank will raise interest rates by 25 basis points during the next FOMC while 28% think it will not raise rates.
Even so, further interest rate hikes could weaken the outlook for the entire crypto market, commented Kaiko research analyst Dessislava Ianeva, adding that BTC has moved in lockstep with liquidity.
As of this writing, the price of BTC has jumped by 0.19% to $27,816 in the last 24 hours with a market cap of $539 billion and is up 2.39% over the last week.
While the second largest crypto Ethereum (ETH) is up around 0.38% at $1,906 in the last 24 hours and Ripple (XR) is up 6.01% at $0.52 and up 13.24% in the last seven days.
