Bitcoin dropped 9% last week as the dollar liquidity index declined to lowest in over a month. Analysts said the U.S. debtceiling issue may inject volatility into the market. Reports godbole17.
when a deadlock in Washington led to the country losing its top-notch triple-A sovereign credit rating.
"Once a deal is reached, expected in the second half of the year, the Treasury will need to refill its reserves, thereby reducing liquidity and exacerbating the impact of quantitative tightening [sister of rate hikes]....this situation may prompt the Fed to cut rates, which would ultimately benefit risk assets," Laneva said.
According to Tom Dunleavy, macro analyst at Messari, a potential default might see bitcoin pick up a haven bid"I find it unlikely that the U.S. goes into default. I think the debt ceiling issue will be resolved before it comes to that," Dunleavy said."If the U.S. does default or we get close to the deadline without a deal it should be immensely positive for BTC.
with the recent bank failures. BTC's correlation to gold is also near all-time highs," Dunleavy added.
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