Despite recent legislative action in the United States to avert a government debt default, Bitcoin and other leading cryptocurrencies are experiencing price declines. This drop coincides with the U.S. House of Representatives voting to suspend the national debt ceiling. The bill passed 314 to 117, garnering bipartisan support. Next in its legislative journey the bill will go to the Senate for approval. If enacted by June 5, it permits the U.S. Treasury to issue new debt, averting a potential default on its fiscal obligations. Financial analysts predict this move could lead the Federal Reserve to consider hiking interest rates during their June assembly. As a result, uncertainty hangs in the air. What is the best crypto to buy under these volatile macroeconomic conditions?
At present, Bitcoin’s price is hovering slightly below the $27,000 mark. The leading digital currency shows a modest decline of 1.4% in the past 24 hours, resting around $26,900. Bitcoin’s total 24-hour trading volume is touching $15.25 billion, with a market cap of $522 billion. Comparatively, the worldwide crypto market capitalization stands at $1.099 trillion, marking a 0.72% dip today. Over the last 24 hours, the total crypto market volume is registered at $29.64 billion, showing an 11.74% decrease.
Meanwhile, DeFi volume sits at $2.23 billion, contributing 7.51% to the total crypto market’s 24-hour volume. Stablecoins volume currently sits at $27.41 billion, constituting 46.05% of the total crypto market’s 24-hour volume. As the investing world holds its collective breath, potential triggers for the next significant price movement could come from the Federal Reserve’s June meeting and its implications on monetary policy. Amidst this economic turbulence, cryptocurrencies such as WSM, IOTA, ECOTERRA, LTC, YPRED, XLM, and DLANCE emerge as noteworthy considerations for purchase.
A Peep Into Wall Street Memes Token: Best Crypto to Buy? The Wall Street Memes ($WSM) token presale is resonating with the Reddit community Wall Street Bets and a leading NFT project, and is currently drawing noteworthy attention. The project, with its rapidly growing digital audience exceeding a million across various platforms, has sparked interest from prominent figures such as Elon Musk. In under a week, the $WSM presale has witnessed the collection of over $2.4 million.
With its price currently at $0.0262, a subsequent rise to $0.0265 seems imminent. Enthusiastic investors are adding tokens to their crypto wallets at an impressive pace, contributing to a daily total of more than $300,000. Wall Street Memes is no stranger to the crypto market spotlight. Its Wall Street Bulls NFT collection previously sold out in a mere 32 minutes, generating an impressive $2.5 million. This interest in the $WSM token offers a glimpse into the project’s aim of shifting the existing power dynamics in digital markets.
Analysts speculate that the significant Wall Street Bets community could influence $WSM’s listing on top-tier crypto exchanges, potentially creating a positive effect on the token price. Of the total token supply, a generous 30% is reserved for community rewards, with a current contest offering a $50,000 $WSM airdrop to five fortunate members.
Balancing on the Tightrope: IOTA’s Resistance and Support Levels
After hitting a new monthly high of $0.2266 on May 30, IOTA has fallen back to the Fib 0.5 level at $0.2002. IOTA retested the Fib 0.382 level earlier today when it reached an intraday high of $0.2072. IOTA is now trading at $0.2019 with a small gain of 1.10% so far today. The cryptocurrency could consolidate around these levels before trying to continue its bullish momentum. The 20-day EMA is at $0.1939, while the 50-day EMA stands at $0.1968.
These two EMAs are acting as potential supports for IOTA, providing a cushion if the price drops in the short term. However, the 100-day EMA sits at $0.2045, acting as a resistance level that IOTA needs to overcome to sustain its bullish trajectory.
Source: Cryptonews
