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Key Reason Why Bitcoin Just Touched Highest Level in Two Weeks

Mon, 05/29/2023 - 09:03
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Alex Dovbnya
Bitcoin surged to two-week high of $28,452, which was likely in response to tentative deal reached in U.S. to suspend federal government's $31.4 trillion debt ceiling
Key Reason Why Bitcoin Just Touched Highest Level in Two Weeks
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Bitcoin hit a two-week high today, reaching $28,452 before sliding slightly to its current trading price of $27,916.

Market observers attribute this surge to the U.S. tentative debt ceiling deal that was reached at the end of the previous week.

After months of impasse, the deal is a significant step toward averting a possible financial crisis in the U.S., which would see the nation defaulting on its debts due to a lack of funds.

The agreement includes provisions to suspend the federal government's $31.4 trillion debt ceiling through January 2025 and cap spending for the 2024 and 2025 budgets. It also outlines a plan to reclaim unused pandemic funds, expedite the permitting process for specific energy projects, and introduces additional work requirements for food aid programs catering to less fortunate Americans.

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A vote is planned for May 31, and the agreement will require further development and approval.

As reported by U.Today, renowned author Nassim Nicholas Taleb has stirred a debate by questioning Bitcoin's role as a hedge against economic instability.

Taleb, who is best known for his book "Black Swan," highlighted Bitcoin's downward trajectory during recent U.S. economic troubles, including inflation and funding risk, urging a reconsideration of Bitcoin's perceived status as a reliable economic safeguard.

The scholar's insights further fueled the ongoing debate around cryptocurrency's role in global finance.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at