Malaysian Regulator Orders Huobi Crypto Exchange to Stop Operations

Besides that, the US debt ceiling talks and anti-crypto rhetoric from the US government will test investors’ appetite.

Hopes were dashed by US President, Joe Biden and Speaker of the House, Kevin McCarthy, who did not reach an agreement on Sunday, May 21, 2023 and will meet again this Monday.

However, the US President addressed the debt ceiling issue at the G7 which is hurting BTC and the wider crypto market.

“Anti-crypto rhetoric, and the continued threat of a US crisis, is sending crypto markets into the red. Expect news regarding the US debt ceiling to have a bigger impact on market risk sentiment,” said Fyqieh.

The US stock market was also under pressure, this Monday morning the NASDAQ reflected sentiment towards the debt ceiling crisis, down 12.75 points.

The downside comes despite further market reaction to Fed Chair Powell’s less hawkish chat from Friday. In addition, the US Dollar Index (DXY) was also observed to weaken.

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