Biden and McCarthy Agree to Raise Debt Ceiling: A Prime Time for Cryptocurrency Investment

Biden declares “America will not default,” says he’s confident of budget deal with GOP lawmakers

US President Biden and House Minority Leader Kevin McCarthy publicly announced on the 17th that they will reach an agreement as soon as possible to raise the debt ceiling to more then 31.4 trillion dollars.. This news alleviated investors’ concerns and stimulated an upsurge in the US stock market.

Major US stock indexes rose together

Benefiting from President Biden’s vote of confidence, the four major US indices all surged on Wednesday (17th):

• The Dow Jones Industrial Average rose by 408.63 points (1.24%), closing at 33,420.78 points.
• The NASDAQ Composite Index rose by 157.51 points (1.28%), closing at 12,500.57 points.
• The S&P 500 Index rose by 48.87 points (1.19%), closing at 4,158.77 points.
• The Philadelphia Semiconductor Index rose by 75.98 points (2.49%), closing at 3,124.68 points.

（Image via TradingView）

Best Investment Opportunity

This strong market environment presents an excellent opportunity for cryptocurrency investment. In recent years, cryptocurrency has become one of the assets that investors are most keen on, and its value usually increases when the market environment is stable and investor confidence strengthens.

Investment Risk

Before investing in cryptocurrency, you should understand its potential risks. Despite the great potential of cryptocurrency, the price can be extremely volatile. Therefore, before investing, you should conduct thorough research, understand the risk of the investment target, and make sure that the investment aligns with your investment strategy and risk tolerance.

In Conclusion

Biden and McCarthy’s agreement to raise the debt ceiling has expanded investor confidence, creating a favorable atmosphere for the rally in the US stock market. Meanwhile, it’s an opportune time to invest in cryptocurrency.

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