{"id":533451,"date":"2023-05-17T11:10:30","date_gmt":"2023-05-17T11:10:30","guid":{"rendered":"https:\/\/wncen.com\/?p=533451"},"modified":"2024-06-11T12:47:27","modified_gmt":"2024-06-11T12:47:27","slug":"bitcoin-loses-grip-on-27000-handle-amid-debt-ceiling-concerns-details","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-loses-grip-on-27000-handle-amid-debt-ceiling-concerns-details\/","title":{"rendered":"Bitcoin Loses Grip On $27,000 Handle Amid Debt Ceiling Concerns – Details"},"content":{"rendered":"

The latest slide of Bitcoin below the $27,000 level has caught the attention of investors who are now keeping a close eye on the debt ceiling negotiations in Washington.\u00a0<\/span><\/p>\n

With US Treasury Secretary Janet Yellen issuing <\/span>warnings<\/span><\/a> that the US is projected to breach the debt limit as early as June 1, the stakes have been raised significantly for both the financial markets and the cryptocurrency industry.\u00a0<\/span><\/p>\n

However, while the threat of a default looms large, investors are suggesting that Bitcoin may be poised for a potential rebound if a resolution to the debt ceiling issue is reached.<\/span><\/p>\n

Related Reading: Not So Covert: The Secret Service Owns Crypto And Promotes NFTs, And \u2013 Why Not?<\/a><\/div>\n

Bitcoin Continues To Slide Amid Low Liquidity Concerns<\/strong><\/h2>\n

Bitcoin’s struggle to maintain its value has continued, with the cryptocurrency experiencing a 24-hour loss of nearly a percent, currently trading at $26,863 on <\/span>CoinGecko<\/span><\/a>. Furthermore, its seven-day decline of 2.7% reflects a persistent bearish trend in the market that has many investors concerned.<\/span><\/p>\n

\"\"<\/p>\n

Source: Coingecko<\/pre>\n
One factor that has contributed to the low liquidity in crypto markets is regulatory uncertainty. Market makers Jane Street and Jump Crypto have recently <\/span>retreated from crypto trading in the US<\/span><\/a>, citing concerns over regulatory challenges. This has added to the already existing concerns surrounding the lack of regulation in the crypto industry, which has made investors wary of entering the market.<\/span><\/p>\n
According to a report by crypto data firm <\/span>Kaiko<\/span><\/a>, Bitcoin’s 1% market depth – a measure of liquidity conditions – has dropped by 4% over the past month, while Ethereum’s has fallen by 2%. Altcoin liquidity has suffered even more, with a roughly 17% decline on a monthly basis.\u00a0<\/span><\/p>\n
This low liquidity has made it difficult for traders to execute large orders without experiencing significant price slippage, further contributing to the bearish trend in the market. As such, investors are closely watching developments in the regulatory landscape to determine if a more favorable environment for crypto trading can be established.<\/span><\/p>\n
<\/p>\n
BTCUSD slips below the crucial $27K region. Chart: TradingView.com<\/a><\/pre>\n
Bitcoin’s Prospects For Rebound Hinge On Debt Ceiling Resolution<\/strong><\/h2>\n
The recent struggles of Bitcoin’s value, combined with concerns over low liquidity in the crypto market, have left investors cautiously watching for potential signals of a market turnaround. While the bearish trend persists, investors believe that Bitcoin may have the potential for a rebound, contingent upon a resolution to the ongoing debt ceiling issue.<\/span><\/p>\n
Related Reading: Power Play: Top 5 Cryptos Set To Ignite The Week With Decent Gains<\/a><\/div>\n
Historically, Bitcoin has been regarded as a hedge against inflation and economic uncertainty, attracting investors seeking alternative assets. During times of market distress, Bitcoin has exhibited resilience and even demonstrated a tendency to rally.\u00a0<\/span><\/p>\n
Analysts point to previous instances such as the 2008 financial crisis and the recent pandemic-induced market crash, where <\/span>Bitcoin experienced upward surges<\/span><\/a> amidst the chaos.<\/span><\/p>\n
The outcome of the debt ceiling negotiations holds significant implications for the cryptocurrency industry. A resolution that addresses the concerns surrounding the debt ceiling and ensures the stability of the US economy could restore investor confidence, potentially leading to increased demand for Bitcoin and other digital assets.<\/span><\/p>\n
-Featured image from ShareAmerica<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The latest slide of Bitcoin below the $27,000 level has caught the attention of investors who are now keeping a close eye on the debt ceiling negotiations in Washington.\u00a0 With US Treasury Secretary Janet Yellen issuing warnings that the US is projected to breach the debt limit as early as June 1, the stakes have been raised significantly for both the financial markets and the cryptocurrency industry.\u00a0 However, while the threat of a default looms large, investors are suggesting that Bitcoin may be poised for a potential rebound if a resolution to the debt ceiling issue is reached. Related Reading: Not So Covert: The Secret Service Owns Crypto And Promotes NFTs, And \u2013 Why Not? Bitcoin Continues To Slide Amid Low Liquidity Concerns Bitcoin’s struggle to maintain its value has continued, with the cryptocurrency experiencing a 24-hour loss of nearly a percent, currently trading at $26,863 on CoinGecko. Furthermore, its seven-day decline of 2.7% reflects a persistent bearish trend in the market that has many investors concerned. Source: Coingecko One factor that has contributed to the low liquidity in crypto markets is regulatory uncertainty. Market makers Jane Street and Jump Crypto have recently retreated from crypto trading in the US, citing concerns over regulatory challenges. This has added to the already existing concerns surrounding the lack of regulation in the crypto industry, which has made investors wary of entering the market. According to a report by crypto data firm Kaiko, Bitcoin’s 1% market depth – a measure of liquidity conditions – has dropped by 4% over the past month, while Ethereum’s has fallen by 2%. Altcoin liquidity has suffered even more, with a roughly 17% decline on a monthly basis.\u00a0 This low liquidity has made it difficult for traders to execute large orders without experiencing significant price slippage, further contributing to the bearish trend in the market. As such, investors are closely watching developments in the regulatory landscape to determine if a more favorable environment for crypto trading can be established. BTCUSD slips below the crucial $27K region. Chart: TradingView.com Bitcoin’s Prospects For Rebound Hinge On Debt Ceiling Resolution The recent struggles of Bitcoin’s value, combined with concerns over low liquidity in the crypto market, have left investors cautiously watching for potential signals of a market turnaround. While the bearish trend persists, investors believe that Bitcoin may have the potential for a rebound, contingent upon a resolution to the ongoing debt ceiling issue. Related Reading: Power Play: Top 5 Cryptos Set To Ignite The Week With Decent Gains Historically, Bitcoin has been regarded as a hedge against inflation and economic uncertainty, attracting investors seeking alternative assets. During times of market distress, Bitcoin has exhibited resilience and even demonstrated a tendency to rally.\u00a0 Analysts point to previous instances such as the 2008 financial crisis and the recent pandemic-induced market crash, where Bitcoin experienced upward surges amidst the chaos. The outcome of the debt ceiling negotiations holds significant implications for the cryptocurrency industry. A resolution that addresses the concerns surrounding the debt ceiling and ensures the stability of the US economy could restore investor confidence, potentially leading to increased demand for Bitcoin and other digital assets. -Featured image from ShareAmerica<\/p>\n","protected":false},"author":557,"featured_media":533455,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1122,1144,8686,7920,88276],"class_list":["post-533451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc-price","tag-btcusd","tag-ethusd","tag-recession","tag-us-debt-ceiling"],"acf":[],"yoast_head":"\nBitcoin Loses Grip On $27,000 Handle Amid Debt Ceiling Watch<\/title>\n<meta name=\"description\" content=\"The latest slide of Bitcoin below the $27,000 level has caught the 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Loses Grip On $27,000 Handle Amid Debt Ceiling Concerns – Details","url":"http:\/\/wncen.com\/news\/bitcoin-loses-grip-on-27000-handle-amid-debt-ceiling-concerns-details\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-loses-grip-on-27000-handle-amid-debt-ceiling-concerns-details\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-91.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-91.png?fit=843%2C515"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc price","btcusd","ethusd","recession","us debt ceiling"],"dateCreated":"2023-05-17T11:10:30Z","datePublished":"2023-05-17T11:10:30Z","dateModified":"2024-06-11T12:47:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Loses Grip On $27,000 Handle Amid Debt Ceiling Concerns – Details\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-loses-grip-on-27000-handle-amid-debt-ceiling-concerns-details\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-loses-grip-on-27000-handle-amid-debt-ceiling-concerns-details\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-91.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-91.png?fit=843%2C515\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc price\",\"btcusd\",\"ethusd\",\"recession\",\"us debt ceiling\"],\"dateCreated\":\"2023-05-17T11:10:30Z\",\"datePublished\":\"2023-05-17T11:10:30Z\",\"dateModified\":\"2024-06-11T12:47:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-91.png?fit=843%2C515","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/533451"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=533451"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/533451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/533455"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=533451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=533451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=533451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}