Crypto and Asian Markets Rise as U.S. Debt Ceiling Crisis Averts

Written by BTSE

May 29, 2023

Crypto Market Analysis

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(as of  2:45 AM UTC, May 29, 2023) 


The global financial markets have started the week on a strong note as the U.S. seemingly averted a looming debt ceiling crisis. This relief was reflected not just in traditional equities but also in the cryptocurrency market, where digital assets like Bitcoin (BTC) and Ethereum (ETH) saw substantial gains. As of the start of the Asia trading day, BTC was up 5% to $28,249, and ETH increased 4.9% to $1,917. 

The positive reaction to the deal to avert the debt ceiling crisis suggests an easing of one of the significant pressures on the crypto market. Bitcoin, for instance, has been struggling to regain ground, still down 2.8% over the past month due to the uncertainties surrounding the crisis. The road to recovery appears to be within sight, with the next key resistance for Bitcoin forecasted around the $30K mark and a robust support level lying between $22K and $25K.

Asian equities mirrored this positive sentiment, with Japan’s Nikkei 225 and Australia’s ASX 200 both recording gains early in the trading session. However, investors will likely remain cautiously optimistic, waiting for the final resolution on the U.S. debt ceiling deal, anticipated by the end of the week.

On another note, China’s recently released Web3 whitepaper might have caused a stir among crypto enthusiasts, but it appears to reflect China’s continued focus on advancing internet infrastructure rather than embracing cryptocurrencies. This includes integrating technologies like AI, blockchain, and robust networks. Mainland China’s approach to crypto trading still holds significant regulatory challenges, especially around the country’s rules on capital control. Therefore, while the Web3 progress is notable, it doesn’t signal an immediate shift towards a more crypto-friendly stance in China. As the financial week unfolds, all eyes will be on these developments, ready to react to the ever-evolving landscape.


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