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News Explorer — Bitcoin and Ethereum Rise as U.S. Lawmakers Scramble to Dodge Historic Debt Default

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May 28, 10:47 pm
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Bitcoin and Ethereum Rise as U.S. Lawmakers Scramble to Dodge Historic Debt Default

Cryptocurrency prices saw some lift over the weekend as lawmakers on Capitol Hill appeared less likely to trigger the first-ever debt default in U.S. history. Republican House Speaker Kevin McCarthy and President Joe Biden were inching closer to a finalized deal on America’s debt ceiling, with Biden announcing an agreement in principle on Saturday. Altcoins such as Cardano and Solana outpaced Bitcoin and Ethereum, rising 3.4% and 5.2%, respectively. Analysts have suggested that a default is unlikely, but the impact of a last-minute deal on markets remains to be seen.

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