Economist Peter Schiff Blasts Debt Ceiling Deal, States National Debt Might Increase by $4 Trillion in the Next Two Years

Peter Schiff, the chief economist of Europac and best-selling author, has blasted the recent bipartisan deal regarding the United States debt ceiling. According to Schiff, the proposal fails to address the already inflated budget, allowing rises in several budget areas without supervision, which could increase the U.S. national debt by at least $4 trillion in

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Bitcoin (BTC) launches new surges as U.S. debt ceiling reaches tentative deal

Cryptocurrency prices kick-started upside moves on Sunday amidst notable market developments. Bitcoin (BTC) soared past the $27K region following the debt ceiling agreement news from President Joe Biden and Speaker Kevin McCarthy. Biden revealed the deal on Twitter, terming the move as crucial in reducing spending. Earlier this evening, Speaker McCarthy and I reached a …

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Analysts at odds over Fed, US debt ceiling impact on Bitcoin price

A political deadlock looms over the U.S. debt ceiling and its potential impact on the price of Bitcoin, which is already up 75% in 2023.

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China’s Credit Agency Downgrades US Credit Rating Over Debt-Ceiling Standoff and Looming Default

China’s oldest credit rating agency, Chengxin International Credit Rating (CCXI), made headlines this week by downgrading the United States’ credit rating. The agency lowered the rating from AAAg to AAg+ and attributed this decision to the escalating political discord, rising inflation, and the ongoing impasse over the debt ceiling. U.S. Credit Rating Suffers Downgrade by [...]

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Hillary Clinton Warns of ‘Worldwide Financial Meltdown’ and Dollar Losing Reserve Currency Status if US Defaults on Its Debt

Former U.S. Secretary of State Hillary Clinton has warned that the U.S. defaulting on its debt obligations could lead to a global financial meltdown. “If Congress keeps flirting with default, calls for dethroning the dollar as the world’s reserve currency will grow much louder,” she stressed. Hillary Clinton on U.S. Debt Default and Dollar Losing [...]

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U.S. Treasury yields soar and Bitcoin stumbles amid debt ceiling, rate hike concerns

U.S. Treasury yields experienced a notable rise this week, causing increased apprehension in the market. Notable upswings occurred on Wednesday and Thursday when concerns over the debt ceiling and speculation over interest rate hikes pushed yields to record highs. In the early hours of Thursday, May 25, the yield on the 12-month Treasury bill reached […]

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Report: Emerging Market Investors Dumping Dollar-Denominated Debt and Seeking Local Currency Bonds Instead

Emerging markets investors are being attracted by local currency-denominated bond instruments while leaving dollar-denominated debt, according to data provided by EPFR Global, a fund flow and allocation data insights company. These markets have outperformed dollar-denominated debt due to the behavior of currencies like the Brazilian real and the Mexican peso, which have appreciated against their

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Bitcoin ‘buys the rumor’ on US debt ceiling as BTC price nears $27.5K

BTC price action could attempt a reclaim of $30,000, analysis says, with Bitcoin climbing through its trading range.

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Biden Says He Won’t Agree to Deal That ‘Protects Wealthy Tax Cheats and Crypto Traders’ as US Default Looms

U.S. President Joe Biden says he will not agree to “a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk” as the U.S. faces the risk of defaulting on its debt obligations. “I’ve done my part,” Biden stressed, adding that it is now time for the Republicans to move [...]

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MakerDAO’s MKR price forms rare pattern amid a debt ceiling rise

Maker (MKR/USD) price formed a double-top pattern as a vote on capital deployment continued. The MKR token retreated to a low of $855.36, the lowest point since March 3 of this year. It has plunged by about 12.1% from its highest level this year. Maker to buy more bonds Maker is the second-biggest player in ...

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US debt ceiling crisis: A catalyst for crypto’s ultimate decoupling?

Many in and beyond the crypto industry believe that the political standoff around the debt ceiling increase makes digital assets more attractive in the long run.

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Bitcoin price risk? US debt deal to trigger $1T liquidity crunch, analyst warns

Bitcoin (BTC) stares at potential losses heading into the third-quarter of 2023 after U.S. lawmakers will likely reach an agreement on raising the debt ceiling. A $1 trillion liquidity hole ahead Raising the debt ceiling means the U.S. Treasury could issue new bonds to raise cash to meet its previous obligations. As a result, the [...]

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ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations

There is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can maintain its debt obligations. However, she warned that if the U.S. were to default [...]

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Bitcoin Loses Grip On $27,000 Handle Amid Debt Ceiling Concerns – Details

The latest slide of Bitcoin below the $27,000 level has caught the attention of investors who are now keeping a close eye on the debt ceiling negotiations in Washington.  With US Treasury Secretary Janet Yellen issuing warnings that the US is projected to breach the debt limit as early as June 1, the stakes have [...]

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US Treasury Secretary: No Alternative Reserve Currency Can ‘Replicate’ Role Played by the Dollar

United States Treasury Secretary Janet Yellen recently told members of the U.S. Congress that while some countries are seeking to create alternatives to the greenback, no country, including China, can create a currency which replicates the dollar’s role in the global financial system. The U.S. Treasury secretary also claimed that it will not be easy

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Economist Peter Schiff Warns About a New, Incoming Great Depression Crisis, Criticizes Misleading Inflation Numbers

Peter Schiff, best-selling author and chief economist of Europac, has warned about the coming of a new great depression period in America. In an interview, Schiff stated that official Consumer Price Index (CPI) numbers were designed to mislead the public and that the country was going to face a depression worse than the one it

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Former US Secretary of Labor Robert Reich Urges Bypassing Congress to Raise Debt Ceiling

Robert Reich, former secretary of labor in the U.S., has called for the government to bypass Congress in order to raise the debt ceiling unilaterally. Reich states that the constitution of the U.S. gives President Biden the faculty of ignoring this debt limit, declaring it unconstitutional — explaining its existence is less significant than the

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Personal Finance Expert Says US Rating Downgrade Likely to Embolden BRICS Currency Supporters

The American rating agency Fitch’s recent downgrade of the United States’ credit rating from AAA to AA+ may embolden proponents of a BRICS currency, Riley Adams, a personal finance expert, has said. Adams however argues that there are certain “geopolitical issues” that must be overcome first before the BRICS currency becomes a reality. Debt Ceiling [...]

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US Debt Ceiling Dramas Diminish Dollar’s Credibility and Reputation as Safety Asset, Warns Devere CEO

The CEO of investment management firm Devere Group has warned that the U.S. debt ceiling dramas have weakened the U.S. dollar’s “global reserve currency’s credibility and reputation as a ‘safety asset.’” He cautioned that Congress’ debt ceiling deal “does not solve the underlying political challenges facing the U.S. and its economy.” ‘Using the Country’s Debt [...]

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CZ Binance on Buying Banks to Fight Crypto Regulation Woes, Russian Banker Says CNY Likely to Dethrone USD, and More — Week in Review

Changpeng Zhao, the CEO of Binance, doesn’t think buying a bank would solve the crypto industry’s troubles with traditional financial institutions, amid issues his own exchange currently faces in regions like Australia and Europe. In other news, the chairman of Russia’s second-largest bank has said that the Chinese yuan is likely to replace the U.S. [...]

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