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Bitcoin (BTC-USD) fell on Wednesday, in line with global stock markets, as negotiations for raising the debt ceiling to keep the U.S. from defaulting are yet to conclude.
Republican negotiators are meeting with Democratic counterparts, with House Speaker Kevin McCarthy confident that the two sides can reach a deal. However, he reiterated that he won’t bring a “clean” debt ceiling bill to the House floor, implying that the GOP won’t back down on demands to cut federal spending.
“Bitcoin is steadying as investors battle debt-ceiling uncertainty and start to become more pessimistic about stocks,” said Edward Moya, senior market analyst, OANDA. “The crypto space can’t grow given the current regulatory and banking environment and that should limit whatever gains we see.”
Bitcoin (BTC-USD) slid 3.4% to $26.28K as of 2.23 pm ET, while ether (ETH-USD) declined 3.2% to $1.79K.
Crypto-related stocks that fell include: Cipher Mining (CIFR) -6.3%, Hut 8 Mining (HUT) -2.9%, Coinbase (COIN) -1.8%, Robinhood Markets (HOOD) -1.2%, Riot Platforms (RIOT) -0.6%.
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