Debt Limit Negotiations Blocked in the USA! Bitcoin Price Reacts! Here are the details
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Debt Limit Negotiations Blocked in the USA! Bitcoin Price Reacts! Here are the details
It was noted by users that volatility in the price of Bitcoin increased after the debt limit talks in the USA were blocked.
The price of Bitcoin (BTC), which managed to rise above $ 27,000 after the statements of FED chairman Jerome Powell, fell again after the debt limit talks in the USA were blocked, but later recovered and is trading at around $ 26,900 at the time of this writing.
Republicans Abandon Debt Limit Negotiations
Senior debt ceiling negotiators for House Speaker Republican Kevin McCarthy abruptly walked out of a closed-door meeting with White House representatives that began Friday morning.
"Look, they're being irrational," Republican Representative Garret Graves said, adding that the talks were "pausing." Graves said he didn't know if the negotiators would meet again on Friday or over the weekend.
"We're not going to sit here and talk to ourselves unless they're really willing to have reasonable conversations about how you can move forward and do the right thing," Graves said.
Graves' comments came a day after McCarthy said a deal could be reached by next week's House of Representatives vote.
McCarthy's comments were the most positive yet on negotiations to avoid default, which Treasury Secretary Janet Yellen has signaled could become a risk from June 1. Republicans are pushing for sweeping spending cuts alongside regulatory changes that Democrats oppose.
The White House and House Republicans are trying to reach an agreement on how to raise the debt ceiling, the legal limit on how much the federal government can borrow to pay its bills. If they fail to reach an agreement by June 1, the US government may run out of money and fail to meet its obligations, with serious consequences for the economy and financial markets.
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