Odaily Planet Daily News - U.S. Treasury Secretary Janet Yellen wrote to congressional leaders indicating that the Treasury Department expects the U.S. to reach its debt ceiling as early as between January 14 and 23, 2025, and may need to take 'extraordinary measures' to avoid the federal government falling into debt default. Just before the letter was released, risk assets weakened at the close. The U.S. stock market declined, with the S&P 500 index, the Nasdaq 100 index, and the Dow Jones Industrial Average all falling about 1%. Bitcoin dropped 4% from its intraday high. Historically, raising the debt ceiling has been a negative signal for the largest cryptocurrency, as it has experienced declines or poor performance in the following days during the previous five instances. Since the cycle low in November 2022, Bitcoin's trajectory has been consistent with the previous two cycles. The cycles from 2018-2022 and 2015-2018 both saw significant pullbacks at this point in the respective cycles. Trump's inauguration on January 20 may signal that Bitcoin will hit bottom. (Coindesk)

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