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Key takeaways

• The cryptocurrency market is up by greater than 2% immediately after underperforming for the finest a part of May.

• Bitcoin topped the $28k mark for the first time this month.

• The rally comes as President Biden and the House management reached an settlement on the debt ceiling.

Crypto Market Cap Reaches $1.16 Trillion

The cryptocurrency market carried out properly over the weekend, with most cash and tokens buying and selling in the inexperienced zone.

For the first time this month, the whole cryptocurrency market cap reached the $1.16 trillion threshold for the first time this month. 

The rally comes following an agreement between President Biden and the House management on United States’ debt ceiling. President Biden and congressional Republican Kevin McCarthy reached an settlement to droop the federal authorities’s $31.4 trillion debt ceiling over the weekend. 

However, the deal nonetheless has to move by Congress later this week. The vote is anticipated to happen on Wednesday earlier than the United States runs out of cash to pay its money owed in early June.

The deal sparked optimism amongst buyers that the United States wouldn’t default on its debt. If the US default on its debt, a recession would seemingly comply with, and this might see the monetary markets expertise huge losses. 

Bitcoin Rallies To $28k 

Bitcoin, the world’s main cryptocurrency by market cap, touched the $28k degree for the first time in three weeks. Bitcoin began May buying and selling above $29k per coin however plunged to a low of $26,008 final week. At press time, the price of Bitcoin stands at $27,953 per coin. 

The main cryptocurrency is now slowly recovering, due to the optimistic information from the United States. 

Ether, the second-largest cryptocurrency in the world, additionally moved previous the $1,900 degree for the first time in weeks, including greater than 3% to its worth in the final 24 hours. At press time, the price of Ether stands at $1,904.