Bitcoin Recovers $28,000 | coindesk JAPAN | Coindesk Japan
Crypto markets started May 29 Asian time higher after a deal was reportedly reached on the US debt ceiling.
As of this writing, Bitcoin (BTC) is up 5% to $28,249, while Ethereum (ETH) is up 4.9% to $1,917. The CoinDesk Market Index (CMI) is up 4% to 1209.
Bitcoin is still down 2.8% over the past month, weighed down by debt ceiling issues.
“Bitcoin found support around $25,000 and remained flat for about two weeks before today’s rally,” said Joe DiPasquale, CEO of crypto manager BitBull Capital. Whether it will continue to the dollar remains to be seen, but we expect to test another key resistance in the near future,” he said in an email.
“On the flip side, the range between $22,000 and $25,000 is acting as reliable support for bulls.”
House Republican Speaker Kevin McCarthy told reporters over the weekend that there was still work to be done on the debt ceiling deal and that the bill would be finalized on Friday and voted on by Friday.
In a statement, however, President Biden called the deal an “important step forward” and a compromise.
Asian stock markets also started the week strong after news of the deal. The Nikkei Stock Average is up 2% in the first half hour of trading, while Australia’s ASX200 is also up 1.18%.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: CoinDesk
｜Original: First Mover Asia: Bitcoin Rises Past $28K on Debt Ceiling Deal
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