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US Averts Default & Bitcoin Stays Stable

As negotiations to increase the US debt ceiling advanced on Friday, major Wall Street indexes gained, and European markets saw their highest one-day rise in two months, while for Bitcoin, after increasing in value every month this year, the currency is expected to drop by a hair in May.

May 28, 2023

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In the midst of carefully watched last-ditch discussions on the US debt ceiling, the dollar gained, marking its third consecutive weekly rise on Friday.

MSCI's global stock index, which tracks shares from 49 countries, rose on Friday but was still down for the week.

Gold advanced from two-month lows, and oil prices rose.

Investors were calmed by progress reports in discussions between President Joe Biden and senior Republican in Congress Kevin McCarthy.

On Saturday, an agreement to increase the US federal government's $31.4 trillion debt ceiling was struck between the wrangling parties.

However, the agreement was publicised with little fanfare, reflecting the scathing tone of the discussions and the challenging route it has to travel through Congress before the United States runs out of money to pay its obligations in early June.

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