Mining difficulty passes 50 trillion — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week in an altogether different mood as the weekly candle close brings a move higher.
The largest cryptocurrency, still stuck in a narrow range, is at last showing signs of life after several spikes to two-month lows.
With volatility back in play, traders nonetheless remain conflicted — can short-timeframe strength lead to an overall trend breakout?
Opinions differ as May comes to an end, and brings with it a macroeconomic showdown, which is already making itself felt — the United States debt ceiling deal.
With an agreement to raise the ceiling and avoid a U.S. government default almost here, risk assets may see relief across the board. Since stock markets are closed until May 30, however, it will be a game of “wait and see” for Bitcoin traders to start the week.
BItcoin itself, of course, is always open, and the debt ceiling appears to have formed an impetus for optimism despite representing little in terms of macroeconomic policy trends.
With that, the conversation within crypto is all about what happens next.
Cointelegraph takes a look at these and some other important factors to consider when it comes to BTC price action in the coming days.
After several weeks of drama, the Biden administration has formed and presented a solution to the U.S. debt ceiling debacle and presented it to Congress.
While it remains unknown whether it will pass, bets are already frontrunning the outcome.
“I think it is virtually certain that it will be passed,” Jeremy Siegel, professor of finance at the University of Pennsylvania, told CNBC, summarizing a popular theory.
A true doom scenario, others have pointed out, is unlikely, as the deal stalling at this point does not immediately open the U.S. to a default scenario.
“The
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