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## Crypto Daily Digest: Crypto Rally on US Debt Ceiling Progress; Norway's Central Bank Urges Swift Regulation

Over the weekend, cryptocurrency prices received a boost as prospects of a debt default in the United States seemed less likely. Progress was being made between Republican House Speaker Kevin McCarthy and President Joe Biden on finalizing an agreement regarding the country's debt ceiling. This positive development in Capitol Hill was attributed to a 5.6% increase in <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s price, accompanied by a 5.1% gain in Ether. 

While the ongoing disagreement between Democrats and Republicans on raising the debt ceiling had raised concerns, Treasury Secretary Janet Yellen had warned about the potential for an "economic catastrophe" if the debt ceiling was not raised in time. It remained unclear whether measures impacting crypto investors would be included in the debt ceiling bill agreed upon by Republicans. Some analysts cautioned that while a default was unlikely, cryptocurrency prices could still decline as investors sought safe-haven assets during times of market stress. The outcome and impact of a last-minute deal on the markets remained uncertain, but there was an indication of some <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> in the crypto markets regarding a bipartisan resolution.

In a separate development, Norway's central bank, Norges Bank, called for a quicker assessment of crypto asset regulation within the country rather than waiting for international solutions. Norges Bank highlighted the potential gaps in international rules and the time-consuming nature of international standardization. Although Norway is expected to be subject to forthcoming European-level regulation on crypto-assets within one to two years, the central bank suggested that Norwegian authorities should proactively discuss targets and measures for crypto asset regulation at the national level. It cautioned against the absence of a regulatory strategy, as it could leave room for private entities to influence regulatory developments in undesirable ways. Norges Bank expressed its willingness to contribute to such assessments and promote responsible innovation through effective regulation.

## Bitcoin (BTC) $29063 (+0.14%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1685324358Untitled0529 1.png)

![](https://gimg2.gateimg.com/image/article/1685324370Untitled0529 2.png)

Building upon the previous analysis from last Friday, Bitcoin has moved away from a critical zone called the mSOW (minor Sign of Weakness). This development allows us to take a step back and examine the broader picture using the weekly and daily timeframes. In terms of the weekly timeframe, BTC has successfully completed the BUEC phase (Back Up Against Creek) within an accumulation structure that lasted nearly a year. Consequently, it is reasonable to anticipate that smart money will now aim for the monthly levels of 33103 and 34752. Conversely, the daily timeframe reveals a distribution structure that contradicts the weekly analysis to some extent. This suggests that traders should anticipate encountering some resistance within the range of 31015 to 33103. Once prices reach these levels, the behavior of the candle wicks will provide insights into whether the daily distribution structure will prevail or yield to the larger weekly accumulation structure.


## Macro: Tech Stocks Shine as Debt Ceiling Agreement Sparks Market Rally

On Monday, US stock futures experienced a boost as global markets regained their risk appetite, thanks to an agreement reached between President Joe Biden and House Speaker Kevin McCarthy regarding the US debt ceiling. This positive development resulted in a 0.5% increase in contracts for the S&P 500 and Nasdaq 100, indicating a growing investor confidence. In contrast, the price of gold slightly declined while oil prices moved higher, reflecting the improved market sentiment.

The optimistic trend extended to other regions as well. Futures for benchmarks in Japan and Australia showed an upward trajectory, and US-listed Chinese stocks rallied, offering positive signs for Hong Kong traders who returned from a long weekend. In the currency market, the dollar remained relatively stable, trading within narrow ranges against major currencies after reaching a two-month high the previous week.

Investors found reassurance in the agreement on the debt ceiling, which contributed to the gains in US equity benchmarks, particularly in the technology sector and stocks related to artificial intelligence. However, despite these positive developments, concerns persist regarding the overall fundamental picture. The deal still needs to be approved by Congress before June 5, a critical date highlighted by Treasury Secretary Janet Yellen, as it marks the point when cash could potentially run out. Furthermore, the bond market faces challenges as the Treasury will need to issue more debt to replenish its reserves, bringing attention to the Federal Reserve's ongoing efforts to combat inflation. As a result, while an immediate crisis has been averted, uncertainties remain, and the market continues to exercise caution.


<div class="blog-details-info">
<div>Author:** Peter L. **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Cryptocurrency prices rise as progress is made on the US debt ceiling. Norway_s central bank urges swift national regulation for crypto assets. Stock markets rally, but concerns remain.

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Daily News | Markets Rally on US Debt Progress; Norway Calls for Swift Crypto Regulation