Bitcoin and Ethereum prices rose above key resistance levels on Monday morning, following an in-principle agreement between President Joe Biden and House Speaker Kevin McCarthy to raise the country’s debt ceiling.
The move has boosted investors’ appetite for risk assets, with U.S. equity futures also rising Friday.
Bitcoin rose 3.98% over the last 24 hours to US$28,195 at 9:30 a.m. in Hong Kong. It recorded a weekly gain of 5.73%, according to data from CoinMarketCap. The world’s largest cryptocurrency is trading above the US$28,000 resistance level for the first time since May 10.
Ether also jumped 3.48% in the past 24 hours to US$1,916, moving up 6.53% over the past seven days. It was trading above the US$1,900 mark for the first time in three weeks.
Other top 10 non-stablecoin cryptocurrencies also saw gains, with Binance Coin (BNB) up 3.77%, Solana (SOL) up 4.06%, and Cardano (ADA) up 3.26%.
The rise in cryptocurrency prices comes as investors are looking for alternative assets to invest in amid rising inflation and interest rates.
Bitcoin and Ethereum are seen as potential hedges against inflation, and their recent gains could be a sign that investors are becoming more bullish on the future of cryptocurrencies.