Bitcoin (BTC) Price Rebounds Amid Debt Ceiling Optimism

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Bitcoin is up on Thursday after gaining ground late Wednesday alongside a rally in U.S. stock markets on optimism that a debt ceiling deal will be reached in the coming days. The world’s largest cryptocurrency by market value began its rise on Wednesday after hitting a weekly low of $26,500. At press time, BTC was trading at around $27,400, up 3% on the day. Following a meeting at the White House, US President Joe Biden and members of Congress from both sides of the aisle underscored their commitment to quickly reach an agreement to raise the federal government’s debt ceiling.

Ripple is launching a central bank digital currency (CBDC) platform that allows central banks, governments and financial institutions to issue their own digital currency. Using Ripple’s platform, government institutions can manage and customize the entire CBDC lifecycle, which includes token minting, distribution, redemption, and burning. Financial institutions would also be able to manage and participate in inter-institutional settlement and distribution functions using the CBDC. Central banks can issue wholesale and retail CBDCs, which can also transact offline. The platform is an upgraded version of Ripple’s Private Ledger, which launched in 2021 for CBDC issuance.

Bitcoin Frogs, the new non-fungible token (NFT) inspired by frogs, has become the most traded collection in the last 24 hours, surpassing even top-tier collections such as Bored Apes. Bitcoin Frogs, which launched in late February on Bitcoin Ordinals, has reached a transaction volume of over $2.2 million, according to data from CryptoSlam. The collection describes itself as 10,000 unique frog collectibles minted directly on the Bitcoin Blockchain. At the time of writing, each NFT was selling for 0.12 bitcoin (BTC), or over $3,200. Buyers and sellers are paying trading fees ranging from $50 to more than $1,200 starting Thursday.

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