{"id":318039,"date":"2023-06-03T09:00:39","date_gmt":"2023-06-03T03:30:39","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=318039"},"modified":"2023-06-03T01:27:33","modified_gmt":"2023-06-02T19:57:33","slug":"bitcoin-and-ethereum-succumb-to-tradfi-what-now","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-and-ethereum-succumb-to-tradfi-what-now\/","title":{"rendered":"Bitcoin and Ethereum succumb to TradFi &#8211; What now?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">The U.S. debt ceiling decision propelled S&amp;P 500 and gold prices, surpassing Bitcoin and Ethereum.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin and Ethereum were trading at a profit on a daily timeframe at press time.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a fascinating turn of events, the prices of the S&amp;P 500 and gold have taken a leap, outshining Bitcoin [BTC] and Ethereum [ETH]. This remarkable shift can be attributed to the U.S. Congress&#8217;s decision on 1 June, wherein they opted to suspend the country&#8217;s debt ceiling.<\/span><\/p>\n<h3><b>Bitcoin and Ethereum below traditional stocks<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/docs.house.gov\/billsthisweek\/20230529\/BILLS-118hrPIH-fiscalresponsibility.pdf\" target=\"_blank\" rel=\"noopener\">The United States Congress<\/a> has successfully endorsed an agreement that increases the government&#8217;s borrowing limit to avert the potential calamity of defaulting on debt repayments. The Senate passed the deal on 1 June, and the House of Representatives approved it the day before. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once signed into law by President Joe Biden, this agreement will enable the federal government to borrow funds until after the next presidential election in November 2024.<\/span><\/p>\n<h3><b>The trend of cryptos and equities<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0Fascinating insights from <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1664391522232729600?t=JJHFwmeQPjxLmdcMPSXJFg&amp;s=19\" target=\"_blank\" rel=\"noopener\">Santiment<\/a> revealed that the decision to raise the debt ceiling profoundly impacted the price movements of various assets. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Traditional stocks, as exemplified by the S&amp;P 500, witnessed a remarkable surge, reaching their highest level since August. <\/span><span style=\"font-weight: 400;\">Moreover, the price of gold also experienced an upward lift, as indicated by the chart. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of this writing, the S&amp;P 500 price had surpassed the $4000 mark, while gold exceeded $1,900.<\/span><\/p>\n<figure id=\"attachment_318054\" aria-describedby=\"caption-attachment-318054\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Litecoin-LTC-11.46.15-02-Jun-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-318054\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Litecoin-LTC-11.46.15-02-Jun-2023.png\" alt=\"Bitcoin, Ethereum S&amp;P 500 price move\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Litecoin-LTC-11.46.15-02-Jun-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Litecoin-LTC-11.46.15-02-Jun-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Litecoin-LTC-11.46.15-02-Jun-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Litecoin-LTC-11.46.15-02-Jun-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Litecoin-LTC-11.46.15-02-Jun-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Litecoin-LTC-11.46.15-02-Jun-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-318054\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">On the other hand, the chart demonstrated that cryptocurrencies, including Bitcoin and Ethereum, were trailing behind equities. They were experiencing a comparatively lower performance than traditional stocks, showing a weak correlation.<\/span><\/p>\n<h3><b>Bitcoin and Ethereum price trend<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/ambcrypto.com\/bitcoin-traders-can-expect-this-as-btc-ends-may-in-red\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> has recently witnessed a series of fluctuations, oscillating between highs and lows but consistently remaining below the $30,000 price threshold. As of this writing, Bitcoin was trading at approximately $27,160, showcasing a modest gain of over 1%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was exhibiting a bearish trend at press time, as indicated by its Relative Strength Index (RSI) on a daily timeframe. Nevertheless, there was a noticeable uptrend in its RSI line, thanks to a price increase.<\/span><\/p>\n<figure id=\"attachment_318055\" aria-describedby=\"caption-attachment-318055\" style=\"width: 1791px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-02_11-22-19.png\"><img decoding=\"async\" class=\"size-full wp-image-318055\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-02_11-22-19.png\" alt=\"BTC\/USD price move\" width=\"1791\" height=\"716\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-02_11-22-19.png 1791w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-02_11-22-19-300x120.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-02_11-22-19-1024x409.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-02_11-22-19-768x307.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-02_11-22-19-1536x614.png 1536w\" sizes=\"(max-width: 1791px) 100vw, 1791px\" \/><\/a><figcaption id=\"caption-attachment-318055\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\">Ethereum Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In a similar vein, <a href=\"http:\/\/ambcrypto.com\/ethereum-bulls-rejected-from-1915-again-as\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a> has also been trading with a profit. Its value at the time of writing stood around $1,890, reflecting a gain of over 1.5%. Unlike Bitcoin, Ethereum was experiencing a bullish trend, according to its RSI line.<\/span><\/p>\n<figure id=\"attachment_318057\" aria-describedby=\"caption-attachment-318057\" style=\"width: 1791px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/ETHUSD_2023-06-02_11-24-40.png\"><img decoding=\"async\" class=\"size-full wp-image-318057\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/ETHUSD_2023-06-02_11-24-40.png\" alt=\"ETH\/USD price move\" width=\"1791\" height=\"630\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/ETHUSD_2023-06-02_11-24-40.png 1791w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/ETHUSD_2023-06-02_11-24-40-300x106.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/ETHUSD_2023-06-02_11-24-40-1024x360.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/ETHUSD_2023-06-02_11-24-40-768x270.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/ETHUSD_2023-06-02_11-24-40-1536x540.png 1536w\" sizes=\"(max-width: 1791px) 100vw, 1791px\" \/><\/a><figcaption id=\"caption-attachment-318057\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As for the future, it remains uncertain whether there will be a stronger correlation between the price movements of Bitcoin, Ethereum, the S&amp;P 500, and gold in the coming days.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent US debt ceiling suspension led to a remarkable shift in market dynamics. S&amp;P 500 and gold prices surged ahead, outshining Bitcoin and Ethereum.<\/p>\n","protected":false},"author":70,"featured_media":318067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,35,360,32,66,3,4,20],"tags":[],"class_list":["post-318039","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-bitcoin-news","category-btc-trading-view","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin and Ethereum succumb to TradFi - What now? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The US Congress recently consented to raise the debt ceiling causing S&amp;P 500 to trend above Bitcoin and Ethereum.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-and-ethereum-succumb-to-tradfi-what-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin and Ethereum succumb to TradFi - What now? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The recent US debt ceiling suspension led to a remarkable shift in market dynamics. 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