The recent US debt ceiling suspension led to a remarkable shift in market dynamics. S&P 500 and gold prices surged ahead, outshining Bitcoin and Ethereum.
has successfully endorsed an agreement that increases the government’s borrowing limit to avert the potential calamity of defaulting on debt repayments. The Senate passed the deal on 1 June, and the House of Representatives approved it the day before.
Once signed into law by President Joe Biden, this agreement will enable the federal government to borrow funds until after the next presidential election in November 2024.revealed that the decision to raise the debt ceiling profoundly impacted the price movements of various assets. Traditional stocks, as exemplified by the S&P 500, witnessed a remarkable surge, reaching their highest level since August.As of this writing, the S&P 500 price had surpassed the $4000 mark, while gold exceeded $1,900.On the other hand, the chart demonstrated that cryptocurrencies, including Bitcoin and Ethereum, were trailing behind equities. They were experiencing a comparatively lower performance than traditional stocks, showing a weak correlation.
It was exhibiting a bearish trend at press time, as indicated by its Relative Strength Index on a daily timeframe. Nevertheless, there was a noticeable uptrend in its RSI line, thanks to a price increase.
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