Bitcoin, Crypto Slides As Fitch Puts US Rating Watch Negative On Debt Ceiling Standoff
The crypto market cap slides 2% more on Thursday to extend its fall this week. The global crypto market cap now reaches below $1.10 trillion, with top altcoins such as Ethereum, XRP, Cardano, Polygon, and Solana near to breaking key support levels. advertisement Fitch May Downgrade US Rating To Negative Amid Debt Ceiling Impasse Rating agency Fitch placed United States’ “AAA” Long-Term Foreign-Currency Issuer Default Rating (IDR) on Rating Watch Negative. Fitch said it will downgrade the rating if President Joe Biden’s administration and congressional Republicans do not raise or spend the debt limit by June 1. Treasury Secretary Janet Yellen warned that the US Treasury will run out of funds by June 1. The Treasury General Account fell to $57 billion from $316 billion earlier in May, with the opening balance of $636 billion this fiscal year. Fitch’s downgrade will affect debt securities, treasury bills, and the co...