{"id":11181,"date":"2023-05-19T22:03:42","date_gmt":"2023-05-20T02:03:42","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-prices-are-falling-potential-u-s-default-is-a-risk-to-stablecoins\/"},"modified":"2023-05-19T22:03:42","modified_gmt":"2023-05-20T02:03:42","slug":"bitcoin-prices-are-falling-potential-u-s-default-is-a-risk-to-stablecoins","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11181","title":{"rendered":"Bitcoin Prices Are Falling. Potential U.S. Default Is a Risk to Stablecoins."},"content":{"rendered":"
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Bitcoin and other cryptocurrencies were falling Friday as traders continued to exercise caution as they monitored the U.S. debt-ceiling negotiations and the potential implications for stablecoins and the wider crypto sector.\u00a0<\/p>\n

\n Bitcoin
\n has declined 1.6% to $26,929 over the last 24 hours. The largest cryptocurrency has traded roughly in a band between $26,500 and $27,500 over the last week.\u00a0<\/p>\n

\n

Analysts at J.P. Morgan cited concerns over a potential U.S. debt default as a reason for market caution, due to the potential fallout for Treasury securities. Such securities are held by many issuers of stablecoins, a type of cryptocurrency most often fixed to the U.S. dollar, as safe assets for their reserves.\u00a0\u00a0<\/p>\n

\u201cAny challenges faced by stablecoins in this adverse scenario could reverberate to the whole crypto ecosystem given the vital role stablecoins play in the crypto ecosystem in facilitating access to trading and decentralized finance and as source of collateral,\u201d the J.P. Morgan analysts wrote in a research note.\u00a0<\/p>\n

Beyond
\n Bitcoin,<\/span><\/p>\n

Ether
\n \u2014the second-largest crypto\u2014was down 1.1% to $1,809. Smaller cryptos or altcoins were also dropping, with
\n Cardano
\n down 1.8% and
\n Polygon
\n falling 0.6%.
\n Dogecoin
\n fell 0.6%.<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies were falling Friday as traders continued to exercise caution as they monitored the U.S. debt-ceiling negotiations and the potential implications for stablecoins and the wider crypto sector.\u00a0 Bitcoin has declined 1.6% to $26,929 over the last 24 hours. The largest cryptocurrency has traded roughly in a band between $26,500 and $27,500 […]<\/p>\n","protected":false},"author":1,"featured_media":2688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-11181","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Prices Are Falling. 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