Di. Mrz 5th, 2024

• Janet Yellen, the current U.S. Treasury Secretary, warned that if Congress fails to raise the debt ceiling by June, the U.S. will run out of money and economic chaos could ensue.
• Bitcoin has been trading in the mid-$27K range following a dip after Binance announced it was temporarily halting withdrawals involving bitcoin due to high traffic.
• Analysts say that an increase in bitcoin being removed from exchanges and placed into cold storage is a good sign for the asset’s future performance.

Janet Yellen’s Warning

U.S. Treasury Secretary Janet Yellen recently warned that if Congress fails to raise the debt ceiling by June, the United States could run out of money and financial chaos could ensue; this would be unprecedented in American history. President Biden’s trillion-dollar spending bills have caused record inflation and placed the American economy in an unstable position over the past year and a half—raising the debt ceiling further could result in more problems than solutions if not handled properly.

Bitcoin’s Performance

After Yellen’s warning, bitcoin began appearing bullish again on several technical charts; however, prior to this it had been trading slightly higher before suffering a dip after Binance announced it was halting all withdrawals involving bitcoin due to high traffic.

Increased Cold Storage Activity

Analysts believe that an increase in people removing their bitcoin from exchanges and placing them into cold storage is a good sign for its future performance as people are trying to keep their holdings secure amid uncertainty surrounding both traditional markets and digital assets alike.

What This Could Mean For Bitcoin?

With Janet Yellen warning of possible economic chaos should Congress fail to act on raising the debt ceiling by June, many are turning towards digital assets such as bitcoin as safe havens for their investments; this could lead to increased demand for BTC which could result in further price appreciation over time.

Conclusion

Though there is still much uncertainty surrounding both traditional markets and digital assets alike due to events like these, Janet Yellen’s warning of potential economic chaos should Congress not act on raising the debt ceiling may very well cause investors to flock towards digital assets such as Bitcoin looking for a safe haven against volatility—which may lead to increased demand for BTC resulting in further price appreciation over time

Von admin