The United States is going through a critical moment that could have historic repercussions for global markets as it nears its first debt default . The possibility of such an event happening has raised concerns about the potential impact on cryptocurrencies, including Bitcoin and Ethereum.
The US “Date X” and Market Response
US Treasury Secretary Janet Yellen has alerted that the government will soon run out of funds if the debt ceiling is not raised, possibly as early as June 1 . While previous debt ceiling standoffs have shaken markets, this time the reaction has been rather muted . The S&P 500 has only dipped less than 1% since Yellen’s comments, while Bitcoin has seen a decline of over 7% and Ethereum nearly 3% during the same period .
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