US Stocks, Bitcoin Edge Higher Over Reports Of Debt Ceiling Agreement

Crypto Market News: Bitcoin and US stock prices edged higher on Friday as reports emerge about the closure of the much anticipated debt ceiling deal. According to reports, the deal announcement is just around the corner as the White House and Congressional negotiators agree on a compromise in terms of government spending. Earlier, CoinGape reported that the deal announcement could come anytime on Friday afternoon, as per hints from Republican Kevin Hern. Meanwhile, the Nasdaq and S&P 500 Indices rose by 1.23% and 0.89% respectively.

Also Read: US PCE Core Inflation Comes In More Than Expected For April

Debt Ceiling Deal: The Details

CNBC reported that House Republicans would in return get their spending cut demand fulfilled for the debt ceiling agreement. Among the spending cuts could be baseline federal spending in 2024 along with Internal Revenue Service allocations. In another revelation, Mario Nawfal’s tweet said negotiators agreed on a 3% increase in defense spending. He also said that key negotiators, which could also include top White House officials and top Republicans, had already agreed for the deal ‘in-principle’ on Thursday itself.

“Sources with direct contact with the speaker’s office confirmed that some information will be made public over the next couple of hours.”

The deal announcement will reportedly be made over a press conference later on Friday. Therefore, a relief rally can be expected in the aftermath of the deal confirmation, setting the stage for Bitcoin price volatility ahead of the June 14 Federal Open Market Committee (FOMC) meeting.

Also Read: Fed Expected To Raise Interest Rate Despite Debt Ceiling Uncertainty

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected].

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