Bitcoin price jumps after relief in US debt ceilingImage Credit source: Representational Image

Due to the expectations of increasing the US debt limit, there is a boom in the cryptocurrency market. The world’s largest cryptocurrency bitcoin saw an increase of more than 3 percent in its price. After this boom, bitcoin reached a two-week high. Bitcoin jumped 3.2 percent on Monday and was trading at $28,182 at 9:32 am in Singapore, close to its 50-day moving average. There has also been a boom in Ethereum and Binance Coin. Let us tell you that America has a debt of 31.4 trillion dollars. To increase its limit, a consensus has been reached between the US President and House Speaker Kevin McCarthy.

bitcoin price jump

After the news of consent, there has been a boom in the cryptocurrency market. During the trading session, the price of bitcoin had risen by about three and a half percent to reach $ 28,441.32. At present, the price of bitcoin is trading at $ 27,933.29 with a gain of 2.55 percent. By the way, this year there has been an increase in the price of bitcoin. In the year 2023, there has been a rise of 71 percent in the price of bitcoin. In the last 6 months, there has been an increase of 73 percent in the price of bitcoin. At the same time, in one year, bitcoin has given more than 3 percent negative returns to investors.

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The rise in other cryptocurrencies as well

On the other hand, there is a booming atmosphere in the rest of the world’s cryptocurrencies. According to the data, there has been an increase of 2.44 percent in the price of Ethereum and the price has reached $ 1,898.43. An increase of more than one and a half percent is also being seen in the price of Binance. Cardano is also up by one and a half percent and the price has reached $ 0.37953000. There is also a boom in XRP. By the way, there is a slight decline in Dogecoin and Shibinu.