Bitcoin Begins To Recover After White House's Positive Announcement Of US Debt Ceiling

The increase in Bitcoin prices increases the recovery of the crypto market. (Photo; Doc. Unsplash)

JAKARTA The number one crypto asset, based on its market capitalization, Bitcoin (BTC), has recently begun to recover after a significant decline in recent days. In the last 24 hours, the price of BTC has risen 1.4 percent in the last 24 hours.

At the time of writing, Bitcoin is trading at IDR 396 million per coin according to Coinecko data at 15:46 today. The increase in BTC comes after a recent announcement from the White House. White House Press Secretary Karina Jean-Pierre announced that White House negotiators had discussed the issue of the US debt ceiling or debt limit with the Speaker of the US House, Kevin McCarthy, May 25 yesterday.

Discussions on the debt ceiling carried out by the White House and the US Congress show progress even though there is no provisional agreement. Both sides assess that to reach an agreement a mutually beneficial plan is needed.

Currently, the US Treasury Department is starting to prepare for the trigger for the US debt ceiling problem. For information, the term debt ceiling refers to the maximum debt limit that can be issued by the US government. When the debt ceiling reaches its limit known as debt ceiling, the US Department cannot issue new debt before fulfilling its obligations.

US Treasury Department officials have notified other departments of possible changes in the payment process when the debt ceiling is activated and a possible response. Citing Coincu's report, the US Treasury's cash balance is reported to have fallen below $50 billion and may expire early next month.

US House Speaker McCarthy stated that negotiators will continue to work on Capitol Hill and continue their efforts over the weekend. This condition has affected the performance of stocks and cryptocurrencies in the American market.