A historical look at Bitcoin’s reaction to debt ceiling negotiations

2023-5-18 20:22

Quick Take May 19, 2013: The U.S. debt ceiling was formally raised to approximately $16.699 trillion. The price was $116.3, with a percentage gain of 4.7%. October 17, 2013: The crisis ended with the passing of the Continuing Appropriations Act 2014. The price of Bitcoin was $143, with a percentage gain of 0.23%. October 7, 2021: The Senate voted to raise the debt ceiling. The price was $53,776 and gained 3.7%. December 16, 2021: Congress voted to increase the debt ceiling by $2.5 trillion, which President Biden signed into effect. The price was $47,695, and Bitcoin fell 0.11%. January 19, 2023: The U.S. again reached the debt ceiling. The price of Bitcoin fell 0.55%, which was at $21,085. To conclude, the debt ceiling negotiations are a nonevent towards Bitcoin price, and we do believe the U.S. will most likely increase the debt ceiling as they have done every other time. Price: (Source: Glassnode)

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