– Bitcoin maintained a small rise of about 0.3% below $26,500 while gold, a safe haven asset, fell over 1%.
– Nasdaq Composite soared 1.7%, driven by tech companies and the S&P 500 rose 0.9% with its tech component.
– Concern is growing among certain sectors of Wall Street that depend on Treasury bonds for their operations as anxiety levels rise due to the U.S. debt ceiling stalemate.
Bitcoin’s Price Below $26.5K
Recently, Bitcoin maintained a small rise of about 0.3% below $26,500, falling short of the previous two-week range of $26,500 to $27,500 while Gold, a haven asset, fell over 1%, trading at $1,959 after hitting a near-record high a month ago.
Tech Stocks Drive Market Upwards
Nasdaq Composite soared 1.7%, driven by tech companies while S&P 500 rose 0.9% with its tech component driving the market upwards despite news of an impending US debt deadline in June looming ahead which has caused some sectors to steer clear from US government debt maturing in June and consider defaulting securities instead . Ether was trading slightly above $1,812 experiencing a modest increase of approximately 0.3%. Other significant cryptocurrencies also showed slight gains with MATIC rising by 2%. As of press time the overall cryptocurrency market performance recorded a 0.72% increase as indicated by Coin Market Cap indicator .
Strong Employment Data Amidst Debt Ceiling Fears
In an announcement by the US Labor Department yesterday there has been strong unemployment rate and GDP data with US economy witnessing growth of 1.3% in latest quarter marking third consecutive quarter expansion however equity markets remained unaffected amidst Republican lawmakers making progress in their discussions with White House but still uncertain whether agreement can be reached to avoid government default .
Debt Ceiling Fears Weigh On Markets
As uncertainty looms around raising the U.S debt ceiling and paying its debts it is causing concern among certain sectors who depend on treasury bonds for their operations as anxiety levels continue to rise . The prolonged stalemate has caused investors to grapple with macroeconomic landscape and caused Bitcoin’s 2023 gains to decline in recent weeks along with other cryptocurrencies experiencing similar signs .
Despite positive indicators such as strong unemployment rate and GDP data equity markets remained unaffected as progress continues in talks between Republican lawmakers and White House although it remains uncertain whether they will reach an agreement that will avert government default .