Table of Contents
- Still some way to go to agree debt ceiling
- Crypto is a hedge out of the debt debacle
- AI tokens make strong moves to the upside
A debt ceiling agreement appears to have been reached, but a vote is still needed. Crypto AI tokens are rising strongly.
Still some way to go to agree debt ceiling
Amid mutterings of discontent about the debt ceiling deal, especially on the Republican side, the issue is due to be put before the House. Republican lawmaker Chip Roy put it into perspective by remarking in a tweet on Sunday:
“they haven’t been educated yet on what a t*rd-sandwich this “deal” is. They will be.”
Republicans and Democrats need to get the deal voted on and passed by June 6. Should they fail to do so, a most unlikely scenario, the US government would default on its debt for the first time in history.
Crypto is a hedge out of the debt debacle
Bitcoin and crypto are receiving an advantage of the uncertainty as investors dip their feet into the asset class in order to diversify and hedge their risk.
However, it’s not the entire crypto sector that is benefiting. Bitcoin and ethereum are looking strong, as are some of the more fundamentally sound tokens, although the sector as a whole is still flat after the crypto rally from the beginning of the year - that is with the exception of the artificial intelligence niche.
AI tokens make strong moves to the upside
Certain of these AI tokens have surged considerably today. Ocean (OCEAN) has been one of the most prominent of the AI crypto tokens to make some great gains in the last several hours. From a price of $0.34 OCEAN rose as high as $0.39 - a 14% increase. Now the token looks to be forming a flag at the upper limit of a trendline formed since early February. A further break to the upside is a possibility.
SingularityNET (AGIX) is another trendline breaker. It has managed 13% in all today, but the price is still to come back and retest the trendline before potentially going much higher.
Possibly the most successful of the AI tokens so far today is Matrix.ai (MAN). MAN surged more than 30% in just the last two hours, taking it to a price of just under $0.32. The price has since returned to $0.30, but there does appear to be more in the tank for a potential move higher.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.