Cryptos Muted As Markets Brace For Debt Ceiling Deadline

Cryptocurrencies traded in a narrow range as markets wait for the debt ceiling deadline and the outcome of the talks convened to resolve the deadlock.

President Joe Biden and the House Speaker Kevin McCarthy are scheduled to meet again on Monday to resolve the looming crisis. Talks over the weekend remained inconclusive.
Dovish comments from the Fed Chair Jerome Powell on Friday that hinted at lesser amount of rate hikes to achieve monetary policy goals helped sway sentiment in favor of risky assets including cryptocurrencies.

The Dollar was muted following the Fed Chair’s comments and the Dollar Index has edged up 0.04 percent to 103.24.

Overall crypto market capitalization is steady around $1.13 trillion.

Bitcoin (BTC) is flat on an overnight basis, trading at $26,966.94.

Ethereum (ETH) has added 0.20 percent overnight and is currently changing hands at $1,819.73.

69th ranked Kava (KAVA) topped overnight gains with a more than 4 percent rally. 63rd ranked neo (NEO) and 11th ranked TRON (TRX) have also added more than 3 precent.

67th ranked Pepe (PEPE) is the greatest laggard with an overnight decline of 9.6 percent. Though the meme token has lost 4 percent over the past week, it is holding on to gains of 517 percent over the past 30 days.

Cryptocurrency trading platform Hotbit on Monday said it would stop all centralized exchange operations. Hotbit cited deteriorating operating conditions, change in the crypto industry trend and the risk and uncertainty in supporting a diverse range of assets for the decision.

In regulatory news, the Securities Commission Malaysia or SC has taken action against Huobi Global Limited, and its Chief Executive Officer Leon Li for operating a digital asset exchange in Malaysia without registration. The SC has also ordered Huobi Global Limited to stop its operations in the country, including to disable its website and mobile application on several platforms such as Apple Store, Google Play and any other digital application platform.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed a fall in activity, with an outflow of $32 million for the week ended May 19, attributed almost entirely to Bitcoin products. The country-wise analysis shows outflows of $24 million in Germany, followed by United States that recorded outflows of $5 million. Cumulative AUM stood at $34.25 billion.

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