IITMIND: EdTech, Finance and Crypto currencies

THE US HOUSE REPRESENTATIVE SPEAKER RAISES DEBT CEILING LIMIT, WILL CARDANO LED A NEW BULLISH RALLY?

 

Recently US President Biden and House Representative Speaker McCarthy reached an agreement on raising the debt ceiling limit for two years. This development was quite necessary as the US was on the edge of getting default if the limit was not raised by June 1st, 2023. Global stock markets have recorded a massive jump in the stocks before the closing on Friday. Indexes such as S&P 500 (4,205.45, 1.3% up) and Nasdaq Composite (12,975.70, 2.19% up) have seen a huge jump, while the VIX (Volatility Index) sharply declined to 17.27, before recovering to 17.95 (at the time of closing).

This week is going to be huge, as per reports, we can see these key events in the following week i.e. Consumer Confidence data, ISM Manufacturing data, May Jobs report etc. On the other hand, the crypto markets have also witnessed massive jumps in digital assets followed by BTC, ETH etc. The shining star in the event is Cardano (ADA), who has gained 4.17% in the last 7 days. ADA has gained momentum and observed bullish patterns as U.S. debt ceiling negotiations are discussed. The rally eased and breached the mid-range level of $0.3664, but the bulls hadn’t reclaimed the level reiterating sellers’ control.

In the upcoming weeks, near-term bulls could gain traction if ADA closes above the mid-range ($0.3664). Such a move could tip them to retest the range high of $0.3861. Meanwhile, at the time of writing this article, ADA is ranked #7 as per CMC and is trading around $0.3766 with a market capitalization of $13 Billion.


>> Disclaimer Risk warning:- Cryptocurrency Investment is subject to high market risk. The information on our website is for educational purposes only. Please do your own research before investing anywhere, we will not be responsible for your investment losses.

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