Should you buy Metacade now?

Key takeaways

• The cryptocurrency market has stalled its movement over the past few days as investors consider their positions.

• Investors are keenly observing the ongoing debt talks, with the United States’ debt now above $31 trillion.

• With prices now down, this could be an excellent opportunity for investors to purchase cryptocurrencies like Metacade. 

The cryptocurrency market has been in a consolidating stage this week, with prices of most cryptocurrencies currently in the red zone. 

Investors have been keenly observing the ongoing debt ceiling talks in the United States, with many of them conservative in their approach. This has led to a poor performance from the crypto market this week. 

As the prices of most cryptocurrencies declined this week, could this be a perfect opportunity to purchase more coins and tokens like Metacade? 

The debt ceiling and how it could affect the cryptocurrency market

Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st. If that happens, market experts believe that the US could default on its debt.

According to the official data obtained from the US Treasury Fiscal Data website, the US’s current debt stands at $31.46 trillion. The debt limit is the highest amount the United States government can borrow to service the economy.

Due to the ongoing talks, the cryptocurrency market has underperformed this week. Bitcoin, the world’s largest cryptocurrency by market cap, continues to trade below $27k. At press time, the price of Bitcoin stands at $26,884, down by 1% so far today.

The total cryptocurrency market cap also stands at $1.13 trillion, down by 1% over the last 24 hours.

What are experts saying about the debt ceiling? 

Some market experts believe that the US will not default on its loan but will likely print more dollars. This will effectively weaken the dollar and strengthen assets such as cryptocurrencies and commodities.

Jesse Meyers, the chief operating officer of investment firm Onramp, believes that the US government will print more money, resulting in a 2020-like rally by Bitcoin and other cryptocurrencies. He stated that;

“When the debt ceiling is lifted, and credit-contraction leads to an economic crisis. They will have to print money on a massive scale. Bitcoin was the winner during the last round of…