On June 1, US Treasury Secretary Janet Yellen stated that the United States will never default on its debt, aiming to calm market fears.
Yellen's Call to Congress for Financial Action
Yellen reiterated her urgency in preventing a debt default, emphasizing the need for legislative action to ensure fiscal stability. She highlighted ongoing discussions with lawmakers to protect US creditworthiness.
Bitcoin Steadies Amid Fiscal Talks
As of June 1, Bitcoin (BTC) is priced at $104,363.85, with a market cap of $2.074 trillion. There has been a 7.71% increase over the past month, indicating steady interest from investors amidst fiscal concerns and a decline in short-term volatility.
Impact of Yellen's Statements on Financial Markets
Yellen's comments have reassured market watchers worried about financial instability. She asserted that 'the full faith and credit of the United States must never be used as a bargaining chip,' potentially tempering volatility and attracting investors to alternative assets.
Yellen's assurances regarding the US's capacity to avoid default and maintain financial stability have had a calming effect on both financial and cryptocurrency markets, reinforcing interest in Bitcoin during uncertain times.
