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Bitcoin Share
Seeking Alpha 2023-05-17 18:39:31

Bitcoin erases earlier losses as traders cheer 'productive' debt-limit talks

Bitcoin erases earlier losses as traders cheer 'productive' debt-limit talks

Bitcoin ( BTC-USD ) advanced slightly in Wednesday mid-afternoon trading as President Joe Biden called his debt ceiling-focused meeting with Congressional leaders "productive and direct," in that "every leader has agreed we will not default." The digital token gained 0.4% to $27.16K at 2:39 p.m. ET, after sliding to as low as $26.62K earlier in the session. On the other hand, ethereum ( ETH-USD ) slipped 0.3% to $1.82K. The intraday rebound in BTC coincided with a strong rally across the stock market, with all three major U.S. indices up at least 1.2% at the time of writing. The gains came as traders praised the results of Tuesday's meeting on the debt limit. Another catalyst that could be supporting bitcoin's ( BTC-USD ) upswing is stablecoin issuer Tether's new investment strategy : investing up to 15% of its net realized operating profits into BTC. That's equivalent to $222M worth of BTC as the company recorded Q1 net profit of $1.48B. A raft of crypto-exposed stocks caught bids, including Marathon Digital ( MARA ) +6.9% , MicroStrategy ( MSTR ) +4.5% , Coinbase Global ( COIN ) +4.2% , Bakkt ( BKKT ) +7.3% and Bitfarms ( BITF ) +7.7% . More on the Crypto Market Why Buffett Never Bought Bitcoin: Fundamental Value For Cryptocurrency Coinbase: Crypto Q2 Not Looking Good Bitfarms: Time To Play Catch Up European Union gives final approval for sweeping cryptocurrency legislation

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