Key takeaways
-
The cryptocurrency market has stalled its movement over the past few days as investors consider their positions.
-
Investors are keenly observing the ongoing debt talks, with the United States’ debt now above $31 trillion.
-
With prices now down, this could be an excellent opportunity for investors to purchase cryptocurrencies like Metacade.
The cryptocurrency market has been in a consolidating stage this week, with prices of most cryptocurrencies currently in the red zone.
Investors have been keenly observing the ongoing debt ceiling talks in the United States, with many of them conservative in their approach. This has led to a poor performance from the crypto market this week.
As the prices of most cryptocurrencies declined this week, could this be a perfect opportunity to purchase more coins and tokens like Metacade?
The debt ceiling and how it could affect the cryptocurrency market
Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st. If that happens, market experts believe that the US could default on its debt.
According to the official data obtained from the US Treasury Fiscal Data website, the US’s current debt stands at $31.46 trillion. The debt limit is the highest amount the United States government can borrow to service the economy.
Due to the ongoing talks, the cryptocurrency market has underperformed this week. Bitcoin, the world’s largest cryptocurrency by market cap, continues to trade below $27k. At press time, the price of Bitcoin stands at $26,884, down by 1% so far today.
The total cryptocurrency market cap also stands at $1.13 trillion, down by 1% over the last 24 hours.
What are experts saying about the debt ceiling?
Some market experts believe that the US will not default on its loan but will likely print more dollars. This will effectively weaken the dollar and strengthen assets such as cryptocurrencies and commodities.
Jesse Meyers, the chief operating officer of investment firm Onramp, believes that the US government will print more money, resulting in a 2020-like rally by Bitcoin and other cryptocurrencies. He stated that;
“When the debt ceiling is lifted, and credit-contraction leads to an economic crisis. They will have to print money on a massive scale. Bitcoin was the winner during the last round of stimulus.“
Market analysts are predicting that Bitcoin and other major assets could experience a boost if the US government prints more dollars to service its debts, as there would be liquidity available for investors to purchase BTC and other cryptocurrencies.
How does this affect projects like Metacade?
Bitcoin’s rally is usually duplicated by other cryptocurrencies. Metacade could be one of the projects that could be a big winner if the market experiences another bull cycle soon.
At press time, the price of Metacade stands at $0.02002, down by 10% over the last 24 hours. The token is down by 56% from its all-time high price of $0.04569. This could represent an excellent buying opportunity for investors.
What makes MCADE one of the tokens investors could consider is the potential of the Metacade project.
Metacade is a web3 project that is powered by the Ethereum blockchain. The development team is working to improve the existing play-to-earn (P2E) ecosystem, allowing users to enjoy new web3 experiences.
With Metacade, players will be able to play, connect, build, and earn seamlessly. In addition to that, Metacade will transition into a decentralised autonomous organisation (DAO) by 2024, giving token holders control over the ecosystem. With such plans in motion, MCADE could be one of the biggest winners in the upcoming Bull Cycle.
Is Metacade a good investment now?
Down by more than 50% from its all-time high, MCADE could be trading at a discount at the moment. Investors looking to take advantage of the project’s potential could purchase MCADE tokens now.
After raising $16 million during the presale event, the Metacade team is working hard to list the token on several cryptocurrency exchanges and roll out its GameFi platform.
These events could ultimately lead to a surge in the value of Metacade over the next few months and possibly years.
The post Crypto market stalls as investors weigh debt ceiling talks: Should you buy Metacade now? appeared first on CoinJournal.
