Bitcoin and Ethereum continued to climb along with stocks as U.S. lawmakers ended their stalemate over the federal government’s debt ceiling, boosting risk-on sentiments in the market.

Bitcoin touched $28,000 Monday morning, with Ethereum breaking above $1,900. At time of publication, Bitcoin stands at just under $28,000, up 2.9% on the day, with Ethereum holding above $1,900, up 3.2% in the last 24 hours, per CoinGecko.

A protracted stand-off between Democrats and Republicans over the federal government’s $31.4 trillion debt ceiling appeared to end this past weekend, as U.S. President Joe Biden and Republican House speaker Kevin McCarthy reached a tentative deal on Saturday evening.

The deal will now move to Congress for a vote; if approved it will prevent the U.S. government from defaulting on its debt.

In exchange for implementing spending caps and making cuts to government programs, the agreement would extend the suspension of the debt ceiling until January 2025.

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Author: Nivesh Rustgi

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