Insights

Debt ceiling concerns may impact cryptocurrency market as treasury balance plunges

exchange68September 13, 2024

0 1 1 minute read

Quick Take

Concerns continue to build around the debt ceiling negotiations.
President Biden is insisting on an unconditional debt-ceiling increase.
This week, a meeting will occur between President Biden and congressional leaders around the concerns of the Treasury balance remaining depleted.
MacroScope states, “Revenues in April this year were 26% below the same month in 2022.”
Furthermore, “Tax revenues in the current fiscal year to April were more than
$250bn below estimates made just a few months earlier.”
The Treasury General Account sits at $155 billion and is plunging fast.
Markets are still expecting a last-minute deal, as per usual.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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