Crypto Rally on Debt Deal

Bitcoin briefly recovered the $28,000 level over the extended holiday weekend, reaching its highest point since the start of the month. The rise came after the Biden administration reached a tentative deal with Republican lawmakers to address the U.S. debt ceiling, which eased concerns among crypto investors. Bitcoin and ether experienced volatility during the past few days, with Bitcoin dropping to a low of about $25,800 due to fears about the debt ceiling. Bitcoin and ether are currently on track for their worst month since November, with Bitcoin down 5% and ether up less than 1%. For the quarter, bitcoin is down 2% after a strong first-quarter performance, while Ether is up 4.4%.