• Bitcoin lingers below $26,500 amid debt ceiling worries.
• U.S. announced unexpectedly strong unemployment and GDP data.
• Most other major cryptos assumed faint shades of green with MATIC rising 2%.
Debt Ceiling Negotiations Weighing on Bitcoin Prices
Bitcoin has recently been lingering under the $26,500 threshold, up about 0.3% but below its most recent nearly two-week-long range between this threshold and $27,500. This is due to investors having debt ceiling negotiations on their minds as the U.S. government is trying to avoid a potential default on its debts. Republican House lawmakers reported progress in discussions with the White house, however it remains uncertain if they will come to an agreement in time to prevent a government default or not.
Unexpectedly Strong Unemployment and GDP Data
The U.S. announced unexpectedly strong unemployment and GDP data which suggests that crypto investors are focused narrowly on the ongoing negotiations rather than the economic indicators presented by the government itself. Riyad Carey, research analyst at digital assets data provider Kaiko stated that “Debt ceiling concerns are definitely weighing on BTC and crypto generally” because there have not been many crypto-specific catalysts lately which could potentially shake up these markets such as regulatory developments for example.
Crypto Markets Performance
Ether was recently changing hands at just over $1,812 up roughly 0.3% from Wednesday same time whereas most other major cryptos assumed faint shades of green with MATIC token of layer 2 platform Polygon rising 2%. The CoinDesk Market Index was also up 0.46%. Tech stocks were also performing well after chipmaker Nvidia said sales would increase due to artificial intelligence protocols leading both Nasdaq Composite and S&P 500 index increasing 1.7% and 0.9%, respectively while safe haven asset gold continued its decline falling more than a percentage point to around $1872 per ounce at press time according to Kitco Metals Inc data .
Riyad Carey does not expect any dramatic price shift in bitcoin’s price in the near future apart from possible regulatory developments mentioning that “Of course, regulatory developments could shake this up” although noting that next major BTC catalyst – halving – is almost a year away from today so it won’t be influencing prices anytime soon either way .
To conclude this article we can see that despite Unexpectedly Strong Unemployment and GDP Data being released by US government , crypto investors remain focused mostly on debt ceiling negotiations as they seem to have more influence over bitcoin prices currently stabilizing them under 26500$. Most other major cryptos assume faint shade of green while tech stocks perform well due to Artificial Intelligence Protocols influence leadings Nasdaq composite & S&P 500 rise 1..7 % & 0..9 % respectively . Halving Catalyst wont be influencing prices anytime soon while Regulatory Developments might still shake things up as mentioned by Riyad Carey .