• Janet Yellen, the present U.S. Treasury Secretary, has warned that Congress must raise the debt ceiling or there will be economic and financial chaos.
• Bitcoin is beginning to show bullish signs again in technical charts after Yellen’s warning.
• Analysts suggest that the amount of bitcoin removed from exchanges and placed in cold storage is a positive sign for its future growth.
Janet Yellen Warns of Financial Chaos if Debt Ceiling Not Raised
Janet Yellen – the present U.S. Treasury Secretary – has warned that if Congress does not raise the debt ceiling, the United States would run out of money this month and lead to “financial and economic chaos” resulting from defaulting on payments and social security recipients not receiving their funds. The current debt ceiling stands at over $31 trillion, which is already high enough as it is, yet Biden’s recent trillion-dollar spending bills have caused record inflation and put America’s economy in an unstable position.
Bitcoin Showing Bullish Signs After Warning
After Yellen’s warning was made, bitcoin began to appear bullish again in several technical charts and was trading in the mid-$27K range – a drop from where it had been a month before when Binance temporarily halted all withdrawals involving the asset due to high traffic.
Analysts Positive About Bitcoin Removals
Despite this setback, analysts believe that the amount of bitcoin being taken off exchanges and kept in cold storage over recent weeks is a good sign for its future growth prospects indicating investors are attempting to keep their holdings secure even amidst uncertain times.
Biden Administration Spending Causes Record Inflation
The Biden administration’s trillion-dollar spending bills have caused record inflation levels which have put America’s economy into an extremely unstable place over past year and a half; prompting warnings from Janet Yellen about raising debt ceilings or facing financial crises this June should they fail to act quickly enough on her advice.
Conclusion: Bitcoin Looks Promising Despite Uncertainty
Despite some short-term setbacks due to increased traffic causing withdrawals from exchanges being halted temporarily, bitcoin appears to be showing promising signs again according to several technical charts with analysts suggesting that investors removing their assets from online wallets into cold storage indicates confidence in its future growth potential despite current economic uncertainties concerning government spending levels and rising debt ceilings