Market News

Bitcoin Price Up 3.98% in 24 Hours

Bitcoin and other crypto rallied after President Joe Biden reached an agreement to raise the country's debt ceiling.

Bitcoin and other cryptocurrencies rallied on Monday after President Joe Biden and House Speaker Kevin McCarthy reached an in-principle agreement to raise the country’s debt ceiling.

The move has boosted investors’ appetite for risk assets, with cryptocurrencies seen as a potential hedge against inflation and other economic risks.

Bitcoin rose 3.98% over the last 24 hours to US$28,195 at 9:30 a.m. in Hong Kong. It recorded a weekly gain of 5.73%, according to data from CoinMarketCap. The world’s largest cryptocurrency is trading above the US$28,000 resistance level for the first time since May 10.

Ether also jumped 3.48% in the past 24 hours to US$1,916, moving up 6.53% over the past seven days. It was trading above the US$1,900 mark for the first time in three weeks.

Other cryptocurrencies also saw gains, with Solana up 5.6%, Cardano up 4.7%, and Binance Coin up 4.2%.

The rally in cryptocurrencies comes as investors are looking for assets that can provide protection against inflation and other economic risks.

Cryptocurrencies are often seen as a hedge against inflation because they are not subject to government control or manipulation.

The debt ceiling deal is also seen as a positive development for the cryptocurrency industry. The deal removes a major uncertainty that had been hanging over the market and could lead to increased institutional investment in cryptocurrencies.


Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.