A historical look at Bitcoin’s reaction to debt ceiling negotiations

quick take

  • May 19, 2013: The US debt ceiling was officially raised to about $16.699 trillion. The price was $116.3, up 4.7%.
  • October 17, 2013: The crisis ended with passage of the Continuing Appropriations Act 2014. Bitcoin price was $143, up 0.23%.
  • October 7, 2021: The Senate votes to raise the debt ceiling. The price rose 3.7% to $53,776.
  • December 16, 2021: Congress passes a $2.5 trillion increase in the debt ceiling, signed into effect by President Biden. At $47,695, Bitcoin is down 0.11%.
  • January 19, 2023: US hits debt ceiling again. Bitcoin fell 0.55% to $21,085.
  • In conclusion, we believe the debt ceiling negotiations are a no-brainer for the Bitcoin price and the US will most likely continue to raise the debt ceiling as it has in the past.
Price: (Source: Glassnode)

A historical look at Bitcoin’s reaction to the debt ceiling negotiations was first published on CryptoSlate.

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