Crypto Crash Imminent? US Risks Running Out Of Cash

    Crypto Crash News: Janet Yellen, US. Secretary of the Treasury on Monday flagged off a warning that the nation might run out of money by June 1. This warning comes in when the US. is facing a major banking crisis. However, with the major financial market, the Crypto market also registered a decline.

    Also Read: FOMC, ECB: Bitcoin To Face Tough Week Ahead; Here’s Why

    US Running Out Of Cash?

    As per reports, Janet Yellen in a letter warned the congressional leader about the growing concerns of a nearing debt ceiling crisis. She mentioned that after evaluating recent federal Tax receipts, calculated estimates suggest that the authority will be unable to continue the government’s obligations. The expected date is stated as June 1, 2023.

    However, she asked the lawmakers to raise the debt limit before the expected deadline. The June 1 date is slightly earlier than what experts suggested. As per reports, Goldman Sachs’ recent estimate hinted the deadline is somewhere around late July.

    The legal limit on federal borrowing has become an unending issue in the DC. Reports suggest that a clash between Republicans and the Biden administration has signaled that the government is heading toward default. Read More Crypto Crash News Here…

    Also Read: Bitcoin Price Breaks Key Level, Risks Falling To $26K Ahead US Fed Rate Hike?

    It should be noted that this development emerges at a time when the U.S. is witnessing the worst banking crisis. However, the market is also looking forward to the crucial FOMC meeting.

    Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

    Source link

    Latest stories

    - Advertisement -

    You might also like...