Bitcoin, Ether and Bitcoin surge ahead of debt ceiling extension

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Bitcoin, Ether and Bitcoin surge ahead of debt ceiling extension

This week's markets are heading towards a strong start, with Bitcoin trading above $28,000 and Ether rallying above $1,900.

Investors cheered the news that Democrats and Republicans are making progress toward a deal to increase the U.S. debt ceiling. On Sunday, House Speaker Kevin McCarthy told the media that he and Biden had reached an agreement in principle regarding the government's borrowing limit ahead of the June 5 deadline.

s a lot more within the bill, he said.

The deal will keep the debt level in place until 2025, leaving the federal government free to issue new debt.

DeFi's assets represented a combined market value of $48.5B, after gaining more than 5% over the past three days, according to CoinGecko.

Over the past three days, the value of DeFi products grew by $1.5B, bringing the sector's total to $48B. Three-quarters of the top 100 protocols posted TVL growth for the past week.

TVL's value rose 181% to $170M in the past week due to Lybra Finance, an Ethereum-based stablecoin with 0% maintenance and minting fees.

Tokenunlocks notes that a number of major web3 projects will release sizable tranches of tokens this week. Increased selling pressure on affected tokens has frequently resulted from significant unlocks.

On May 31, the OP supply will be distributed, with $100M worth of 1INCH, $67M worth of Hedera's HBAR token and $65M worth of SUI.

In the coming months, notable unlocks lie ahead for Blur, Aptos, and dYdX.