More than 1,75 million tweets were written about Bitcoin after the cryptocurrency's price briefly surpassed $28.000 per unit.
Bitcoin's popularity exploded on Twitter as the cryptocurrency's price briefly recovered to $28.000 per BTC, boosted by the United States' preliminary agreement to raise its debt ceiling and avoid a catastrophic default.
After grueling days of negotiations, President Joe Biden and House Republican Leader Kevin McCarthy agreed on a new bipartisan budget that raises the country's debt ceiling for the next two years.
Is the United States on the brink of a new financial crisis?
The United States hit its debt ceiling of $31,38 trillion last Thursday. This has increased the pressure on the country, on the brink of a financial crisis with global repercussions, due to the need to access financing to cover its financial obligations and its daily activities.
So, although the bipartisan agreement between Biden and McCarthy is not final and must be voted on before June 5 for approval, it is boosting risk appetite among investors.
The price of Wall Street futures, as well as Bitcoin and cryptocurrencies, has risen slightly after the tentative agreement was announced. However, according to Reuters, markets expect that this agreement to raise the US debt ceiling will provide short-term relief as concerns about inflation and further interest rate hikes persist. In addition to this, the debt ceiling agreement has also not been well received by extremist Democrats and Republicans, who do not agree with raising the country's debt and limiting spending in the next two years. Still, Congress is expected to approve it next week.
Bitcoin Surpasses $28.000
Bitcoin price hit $28.000 per unit, recovering a two-week high.
According to data from the CoinMarketCap platform, The price of Bitcoin rose to $28.432 on Monday, moving a trading volume of $17.000 billion in the last few hours. However, at the time of writing this article, BTC has corrected by 2,57% and is trading on the market at a price close to $27.700 per unit.
Source: CoinMarketCap
The rise in the price of Bitcoin quickly made the cryptocurrency trend on Twitter, one of the most influential social networks globally.
On the other hand, cryptocurrencies are mostly up, with XRP (Ripple) and Polygon (MATIC) leading the rise in the Top 10. Ethereum (ETH), Cardano (ADA) and Solana (SOL) are also on the rise at the time of writing.
Ordinals and BRC-20 are also trends
The Ordinals protocol and BRC-20 tokens have also been trending on Twitter, with 1,09 and 3,18 million tweetsrespectively.
The popularity of ordinals and BRC-20 tokens is mainly due to the fact that they are providing new use cases for the Bitcoin blockchain, opening up new possibilities and opportunities for development and innovation.
These NFTs and tokens, which are created using the Taproot protocol on the Bitcoin network, allow for the creation of new assets, works of art, collectibles and more, on the most capitalized blockchain on the market.
Continue reading: Peter Schiff launches Ordinals-based project on the Bitcoin blockchain
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