Debt ceiling concerns may impact cryptocurrency market as treasury balance plunges

Quick Take

• Concerns continue to build around the debt ceiling negotiations.
• President Biden is insisting on an unconditional debt-ceiling increase.
• This week, a meeting will occur between President Biden and congressional leaders around the concerns of the Treasury balance remaining depleted.
• MacroScope states, “Revenues in April this year were 26% below the same month in 2022.”
• Furthermore, “Tax revenues in the current fiscal year to April were more than
  $250bn below estimates made just a few months earlier.”
• The Treasury General Account sits at $155 billion and is plunging fast.
• Markets are still expecting a last-minute deal, as per usual.

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