Bitcoin and Cryptocurrencies Rally Amid U.S. Debt Ceiling Concerns.

Bitcoin remains range-bound between $26,500 and $27,500 as investors worry about ongoing crypto regulatory issues and macroeconomic uncertainties, including the recent U.S. debt ceiling stalemate. The crypto market's current capitalization of about $1.3 trillion has remained at a near standstill from a year ago, and there doesn't seem to be a catalyst on the horizon that could move things in either direction. The latest reading on U.S. inflation came in below 5% for the first time since early 2021, although it remains well above the Federal Reserve's goal of 2%. The correlation between the S&P 500 and bitcoin has been dropping since April to -0.23, and the percentage of bitcoin's total supply has remained unmoved for over a year, reaching a new record of 62.13%.