Bitcoin $BTC continued its slightly downward consolidation on Tuesday, slipping just below $27,000 as investors kept close attention on the debt ceiling negotiations in Washington. _jocelynyang_ reports
a default “could lead to a recession,” several analysts believe a resolution to the debt ceiling issue could potentially buoy bitcoin.
“The current macroeconomic situation is, in our view, conducive for increased crypto adoption,” Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told CoinDesk in an email. “The debt ceiling getting raised also bodes well for risk assets as market participants seek to secure wealth,” he added.
Lucas Outumuro, head of research at blockchain analytics firm IntoTheBlock, told CoinDesk that there “could certainly be a bid for BTC” whether or not there’s a deal on the debt ceiling. Outumuro sees the impact of these negotiations and the ongoing bank crisis as similar: “They both highlight the weaknesses of the system and create doubts about their long-term sustainability, thus creating demand for potential alternatives like crypto.”
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