Bitcoin has hit a two-week high on news of U.S. debt ceiling deal
Market observers attribute this surge to the U.S. tentative debt ceiling deal that was reached at the end of the previous week.
After months of impasse, the deal is a significant step toward averting a possible financial crisis in the U.S., which would see the nation defaulting on its debts due to a lack of funds. The agreement includes provisions to suspend the federal government's $31.4 trillion debt ceiling through January 2025 and cap spending for the 2024 and 2025 budgets. It also outlines a plan to reclaim unused pandemic funds, expedite the permitting process for specific energy projects, and introduces additional work requirements for food aid programs catering to less fortunate Americans.
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