Crypto Exchange Volume Drops Due To Debt-Ceiling Discussions

Binance, the biggest crypto exchange globally, experienced a significant 34% decrease in trading volume in the past 24 hours, dropping to $3.3 billion.

The financial market is uncertain and waiting due to a delay in important discussions between U.S. President Joe Biden and House of Representatives Republicans, led by Kevin McCarthy. While the global crypto market value slightly increased in the past day, its trading volume dropped by 23% as buyers and sellers seek clarity.

Will the debt ceiling increase boost the market?

The trading volume of major cryptocurrency exchanges saw a significant decline in the past day. Binance, the largest global crypto exchange, experienced a drop of more than 34% in its trading volume over the last 24 hours, which now stands at approximately $3.3 billion.

Coinbase, the largest crypto exchange in the United States, experienced a nearly 40% decrease in trading volume in the past day, now at $302 million. Meanwhile, Kraken’s trading volume dropped by approximately 48% over the last 24 hours to $142 million.

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Reports indicate that U.S. President Joe Biden intends to discuss the issue of raising the federal debt ceiling, which currently stands at $31.4 trillion, with Kevin McCarthy on Sunday. Biden is currently participating in the G7 summit taking place in Japan. However, their conversation has been delayed due to a reported disagreement between the officials.

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The approaching deadline of June 1, 2023 is causing concern. The Treasury Department has issued a warning that there might not be enough funds to pay all the debts, potentially leading to a default. Such a default could create turmoil in the financial market and possibly result in the authority raising interest rates.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.


  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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