Cointelegraph analyst and writer Marcel Pechman explains why the downgrading of U.S. government debt will negatively impact the price of Bitcoin over the next few months.
The record surge in Ethereum staking in May was attributed to the ongoing U.S. debt ceiling saga, deterring confidence in USD, the downfall of banks and the high APR offered on the ETH staking.
Former BitMEX CEO Arthur Hayes believes it will cause significant volatility in Bitcoin as well, suggesting it won't likely reach a new all-time high this year.