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The market’s decline slowed as the price of Bitcoin broke through $27,000 again following positive comments from members of the Federal Reserve. Today is Wednesday, May 31st, and tomorrow we have a completely different day for the cryptocurrency market. So what awaits cryptocurrency investors in the next few hours? Why is tomorrow so important?
US debt ceiling
The bill, which seeks to raise the $31.5 trillion debt ceiling and implement new federal spending cuts, has passed Congress. The vote is expected to go to him around 03:30. It did so because both Republican and Democratic representatives announced that they had reached a quorum. It looks like the law will pass the legislature despite opposition from some Republicans. This suggests that Bitcoin could end the day at a new high as good news arrives in the next few hours.
If the House approves the bill, it will go to the Senate, where debate could continue into the weekend as the June 5 deadline looms. The bill is expected to pass the Senate more quickly. In other words, today’s parliamentary approval will provide a huge relief to the market, with Senate approval coming soon.
rose in june
If we combine what members said today with what Powell said in May, we get one result. June will not rise. FedWatch said it would go up 60%+ today, now it says the opposite rate will stay the same. This makes June 1 a bullish period for cryptocurrency investors.
Hong Kong cryptocurrency rules
We could see the continuation of the statement tomorrow. With licensed exchanges starting to serve individuals in the region starting June 1st, we are in for a positive period in crypto should the expected winds blow. While the Bitcoin price doesn’t care about these developments for now, unless there is a serious problem tomorrow, we are likely to see an uptick.
Thursday and Friday key
Inflation data for the European region will be released at noon tomorrow, and if higher-than-expected data emerges, cryptocurrencies may fall as the DXY will strengthen. The US PMI data will be released at noon, and we will share it with you at the last minute when the data arrives. These data shed light on the current state of the economy, a strong economy means a brave Fed, so over-anticipated numbers could send cryptocurrencies lower.
Fed/Harker will be speaking tonight. His speech today was great and if he said something like this in the evening it could be a positive for crypto.
Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Fatih Uçar, without permission, may not be reproduced