Crypto Market News: The White House confirmed the exact time when US President Joe Biden will meet Republican Kevin McCarthy to restart debt ceiling deal talks. The talks will mean whether the US government will default on some of its debts or not. However, the crypto market could likely see some volatility over ripple effects from the debt ceiling impact on the financial market. Meanwhile, Bitcoin price could see an immediate jump if the debt ceiling deal is not reached.
Also Read: US Fed Officials Favor To Hike Rates Over 6%, Is Bitcoin Crash Imminent?
Earlier, the White House warned that the financial market could see a 45% decline if the US economy defaults. Hence, a spillover effect could benefit Bitcoin as it is considered a safe bet with high returns in uncertain times. A similar trend has been witnessed in March 2023, when the US regional banking crisis erupted.
When Will Debt Ceiling Talks Resume This Week
Ahead of the June 1, 2023 deadline, Biden is set to look for a consensus on how to go about if the debt ceiling is not raised. A communication from the White House reportedly said the US President will meet McCarthy at 5:30 P.M. EST (2130 GMT) on Monday, 22 May 2023. The meeting is an extension of a phone call between the two leaders on Sunday over the need to take a decision.
Also Read: MicroStrategy Replies To FASB Standards To Update Bitcoin Holdings