Bitcoin experienced a 3.5% surge in early morning Asian trade on May 29, coinciding with the US's plans to increase the debt ceiling. The cryptocurrency is currently trading at $28,053 and has a market cap of $542 billion. Other leading altcoins, such as Ether, have also seen significant gains.
While the resolution of the debt-ceiling deadlock has resulted in positive risk sentiment, the rise in Treasury Yields and speculation about US monetary tightening remain potential obstacles. According to on-chain data, Bitcoin address activity is rebounding after reaching new lows earlier this month.
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