Why is the cryptom market in plus today? The upcoming vote on the debt limit inspires the market

The central theses

• The cryptocurrency market has increased by more than 2 % today after it had cut most of the month below average.

• Bitcoin has exceeded the $ 28,000 mark this month.

• The rally takes place, while President Biden and the leadership of the House of Representatives have reached an agreement on the debt limit.

The market capitalization of cryptocurrencies reaches $ 1.16 trillion $

The cryptocurrency market developed well at the weekend, with most of the coins and tokens being traded in the green area.

For the first time this month, the entire market capitalization of cryptocurrencies reached the threshold of $ 1.16 trillion.

The rally follows " Contribution between President Biden and the leadership of the House of Representatives over the debt of the United States. President Biden and the Republican Congressman Kevin McCarthy agreed the following weekend to suspend the Federal Government's debt limit of $ 31.4 trillion.

However, the deal must be adopted by the congress this week. The vote is expected to take place on Wednesday before the United States starts to pay their debts at the beginning of June.

The deal triggered optimism among investors that the United States would not be delayed. If the United States does not meet its debts, there would probably be a recession that could lead to massive losses on the financial markets.

Bitcoin increases to $ 28,000 $

Bitcoin, the worldwide leading cryptocurrency after market capitalization, has reached the $ 28,000 mark for the first time in three weeks. Bitcoin started in May with a trading price of over $ 29,000 per coin, but crashed to a low of $ 26.008 last week. At the time of printing, the price of Bitcoin was $ 27,953 per coin.

Thanks to the positive news from the USA, the leading cryptocurrency is now slowly recovering.

Also Ether, the second largest cryptocurrency in the world, exceeded the $ 1,900 mark for the first time in weeks and increased its value by more than 3 %in the past 24 hours. At the time of printing, the price of ether was $ 1,904.