• The cryptocurrency market has been in a consolidating stage this week, with prices of most cryptocurrencies currently in the red zone.
• Investors have been keenly observing the ongoing debt ceiling talks in the United States, with many of them conservative in their approach.
• Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st, leading to market experts believing that the US could default on its debt.
Crypto Market Stalls as Investors Weigh Debt Ceiling Talks
The cryptocurrency market has stalled its movement over the past few days as investors consider their positions. Investors are keenly observing the ongoing debt talks, with the United States’ debt now above $31 trillion. With prices now down, this could be an excellent opportunity for investors to purchase cryptocurrencies like Metacade.
US Debt Ceiling and Its Effect on Crypto Market
Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st. If that happens, market experts believe that the US could default on its debt according to official data from US Treasury Fiscal Data website. This has led to a poor performance from the crypto market this week as Bitcoin continues to trade below $27k and total cryptocurrency market cap stands at $1.13 trillion, both dropping by 1%.
Experts‘ View on Debt Ceiling Talks
Some market experts believe that if US does not default on its loan then it will likely print more dollars which will weaken dollar and strengthen assets such as cryptocurrencies and commodities. Jesse Meyers, COO of investment firm Onramp believes that printing more money can lead to inflation which would ultimately benefit digital assets like Bitcoin and Ethereum as they offer protection against such risks due to their limited supply nature.
Should You Buy Metacade Now?
With prices now down due to current happenings in US markets, this might be an excellent opportunity for investors to buy tokens like Metacade at lower rates before they rise again once things clear up in terms of US debt ceiling talks or any other FUDs (Fear Uncertainty Doubt) affecting crypto markets globally resulting in a potential bull run later ahead when FUDs get cleared out .
Conclusion
The current situation regarding US debt ceiling talks is making many investors cautious and hence creating a bearish trend for crypto markets worldwide but this could be a great chance for long term investors who want to invest into cryptocurrencies like Metacade at low prices before they rise again subsequently when things become clearer in terms of FUDs and global macroeconomic conditions become stable again.