Bitcoin (BTC) doesn’t really seem to know which way it wants to go in recent days, despite the fact that the previously passed debt ceiling deal has now been approved by the US Senate. As a result, a certain amount of relief seems to prevail in the financial markets. Nevertheless, there is still not a little optimism reflected in the bitcoin price.
Will Bitcoin Chase S&P 500?
The past month turned out to be the worst month for bitcoin since November 2022. November can currently be labeled as the low point of the persistent bear market, and BTC skyrocketed in the following months. After the first quarter, however, the fireworks have subsided and many will describe the market as ‘boring’.
The debt ceiling deal in the United States has been the focus of recent times and has caused the only fear in the markets. The US Senate has since passed the deal, which has eased tensions in the financial markets.
As a result, the S&P 500 has risen to its highest price in ten months. Santiment’s tweet also shows that the price of gold is currently on the upswing. Bitcoin is currently hovering just above $27,000, but the crypto analytics firm suggests it may be catching up.
📊 The US House has passed a key debt ceiling deal, launching the #SP500 to its highest price since August. #Altcoins like $LTC, $LEOand $FGC have jumped today. With #crypto lagging behind #equitiesthere could be some $BTC catch up time coming soon. https://t.co/Rzeiz11lnS pic.twitter.com/BwZQDvL2Gx
— Santiment (@santimentfeed) June 1, 2023
In that sense, June 14 is an important day for bitcoin that could trigger a major price movement. On that day, the Federal Open Market Committee (FOMC) on the agenda, the interest rate meeting of the US central bank. 74.7 percent of the market expected currently that the Federal Reserve will pause the rate hike on June 14.
XRP and LTC are skyrocketing
Most altcoins are also currently lacking fireworks, but Ripple (XRP) and Litecoin (LTC) have experienced a nice increase in the past week.
While XRP investors await the end of the lawsuit with the US Securities and Exchange Commission (SEC), Ripple seems to be doing very well on social media. The Ripple price has also shot up by more than ten percent in the past seven days.
Litecoin is currently gearing up for its halving and this realization seems to be getting through to many investors right now. The LTC price is also up 10 percent over the past week.