Bitcoin (BTC) traded below $26,500 on May 25, rising about 0.3% over a 24-hour period, but fell below the two-week range between $26,500 and $27,500. rice field. Bitcoin has lost some of its 2023 gains in recent weeks as investors worry about macroeconomic uncertainty, including a deadlock in negotiations over the US debt ceiling.
Riyad Carey, research analyst at digital asset data provider Kaiko, said: “Debt ceiling concerns are clearly weighing on Bitcoin and crypto assets in general. It has been range bound for the past few weeks because there is no such thing,” he told CoinDesk.
Carey doesn’t expect a dramatic change in Bitcoin’s price in the near term until the halving, which is almost a year away. “Of course, regulatory developments could change the situation.”
Ethereum (ETH) is near $1,812, up about 0.3% in 24 hours. Among other major crypto assets, Polygon (MATIC) is up 2%. The CoinDesk Market Index (CMI), which shows the performance of the entire cryptocurrency market, rose by 0.46%.
In the stock market, tech stocks rallied after semiconductor giant Nvidia said growth in artificial intelligence (AI) would boost sales. The Nasdaq rose 1.7% and the S&P 500 rose 0.9%. Less than a month after hitting all-time highs, gold continues its decline, near $1,959.
But most assets didn’t seem to move on Friday’s employment data. The number of people applying for unemployment benefits was 229,000, well below the forecast of 245,000, and the revised US GDP (January-March quarter) increased by 1.3%, an upward revision for the third straight quarter.
However, negotiations over the debt ceiling issue remain the focus of many market players. “Right now, everything hangs on the debt ceiling problem and until some solution is found, bitcoin won’t go as high as it has since the beginning of the year,” said co-founder and CEO of bond markets platform Umee. Brent Xu said.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: Bitcoin Lingers Below $26.5 Amid Debt Ceiling Worries