Crypto traders were surprised when Bitcoin (BTC) and Ethereum (ETH) turned unexpectedly bullish. After bearish sentiment dominated the first three weeks of May, Bitcoin’s price led the altcoin market to a more positive outlook over the weekend. Strikingly, short transactions in the past 24 hours represented more than $102 million out of a total of $128 million in liquidations.
During the early Asian market at the start of the week, the total crypto market capitalization saw an increase of about 2.5%, to about $1.21 trillion. This increase reflected growing optimism among investors.
Bitcoin addresses reach monthly high
According to on-chain data from Glassnode, Bitcoin holders with less than 1 unit, colloquially known as the Shrimps, have aggressively amassed more than 24.6k BTCs this month, leaving them with a total supply of approximately 1.31 million Bitcoins . Likewise, long-term holdings are piling in anticipation of Bitcoin’s halving next year, which will trigger the larger crypto bull market due to reduced supply and increased demand.
Debt ceiling crisis in the US
In a major development on the political front, US President Joe Biden and House Speaker Kevin McCarthy announced a bipartisan solution to the looming debt ceiling crisis. Both the Republican and Democratic Houses have received votes to pass the measure to raise the debt ceiling and cut government spending. This agreement marks a step toward stability and cooperation in addressing the country’s fiscal challenges.
Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle.
It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and…
— President Biden (@POTUS) May 28, 2023