US Secretary of State Janet Yellen said not raising the US debt ceiling could have dire consequences for the national and global economy. Bitcoin traded flat on Tuesday. Photo: Alex Wong/Getty
Bitcoin (BTC-USD) charts showed two bullish signals after US Treasury Secretary Janet Yellen warned that the US “is out of cash and won’t be able to pay its bills until early June.”
Bitcoin was trading unchanged at $27,578 (£21,854) on Tuesday.
Over the past two days, bitcoin reserves have been falling across all cryptocurrency exchanges, according to data from CryptoQuant.
This could indicate that investors are delisting their digital assets from exchanges and transferring them to cold storage to speculate about rising prices.
Continue reading: Crypto live prices
Another bullish indicator of price action comes from the CoinDesk Bitcoin Trend Indicator (BTI), which shows long-term holders continue to increase their Bitcoin holdings.
Since March 31, the 30-day change in long-term supply, defined as coins held for 155 days or more, has trended up, indicating bullish sentiment and dormant supply.
BTI shows Bitcoin is in an uptrend, with prices up 68% year-to-date.
It comes as US Treasury Secretary Janet Yellen said not raising the US debt ceiling could have dire consequences for the national and global economy.
Yellen told ABC News on Sunday that the US federal government could face a lack of funds in early June if it doesn’t reach an agreement to raise its credit limits.
As a result, it can be difficult for the government to make payments for wages, benefits, and other obligations.
Yellen said, “If the debt ceiling is not raised by June, the Treasury Department would find itself unable to pay all of the bills due that day, and this would be the first time in American history that we would default on payments due.” .
Continue reading: Belgium’s digital minister says EU will ‘put order in crypto’ and create its own blockchain | The crypto mile
“Whether it’s interest payments or payments for Social Security beneficiaries, we simply wouldn’t have enough cash to meet all our obligations, so the consensus is that financial and economic chaos would ensue.”
The story goes on
“It’s the job of Congress to do that, and if they don’t do that, we’re going to have an economic and financial disaster of our own making,” she added.
Watch: Belgium’s digital minister: EU plans to ‘put order in crypto’ and create its own blockchain | The crypto mile
Download the Yahoo Finance app, available for Apple And Android.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.