• The cryptocurrency market has been in a consolidating stage this week, with prices of most cryptocurrencies currently in the red zone.
• Investors have been keenly observing the ongoing debt ceiling talks in the United States, with many of them conservative in their approach.
• This could be a great opportunity for investors to purchase cryptocurrencies like Metacade at reduced prices.
Crypto Market Stalls As Investors Weigh Debt Ceiling Talks
The cryptocurrency market has been in a consolidating stage this week, with prices of most cryptocurrencies currently in the red zone. This is due to investors being keenly observing the ongoing debt talks between the US and its creditors, with many of them taking a conservative approach.
Debt Ceiling Talks In The US
Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st if no action is taken. This means that it may default on some of its debt obligations if nothing is done about it before then. According to official data obtained from the US Treasury Fiscal Data website, the US’s current debt stands at $31.46 trillion, which is above its current limit.
Implications On The Crypto Market
Due to these talks and potential implications on markets if there is a default, investors have become more conservative and are not taking as much risk as they normally do when investing in crypto assets such as Bitcoin (BTC) and Ethereum (ETH). At press time, Bitcoin trades around $26,884 while Ethereum trades around $2399 per coin respectively; both coins are down by 1% over 24 hours respectively. The total cryptocurrency market cap also stands at $1.13 trillion, down by 1% over 24 hours period as well.
Experts‘ Opinions On Debt Ceiling Talks
Some experts believe that instead of defaulting on its loan obligations; the US will likely print more dollars instead which will weaken its currency and strengthen other asset classes such as crypto assets and commodities such as gold or silver . Jesse Meyers – COO of investment firm Onramp – believes that if this happens then it could lead to an increase demand for digital currencies like BTC due to their decentralized nature making them attractive assets for many people looking for safe-haven investments during times of economic uncertainty or downturns .
Should You Buy Metacade Now?
With prices now down due to investors being cautious about their investments; this could be an excellent opportunity for investors who are interested in buying digital assets like Metacade . Therefore , investors should consider doing research on any project they are interested in before purchasing any coins or tokens associated with it .
