The United States federal government’s default on its debt has been averted — at least for now. On Oct. 7, the Senate voted to increase the debt limit by $480 billion, a sum needed for the world’s biggest borrower to keep paying off its obligations until early December.
The deal secured a temporary resolution for a weeks-long partisan standoff that had investors both within and far beyond the U.S. unsettled. The once unimaginable prospect of a U.S. default seemed more conceivable than ever before.
As the system-wide uncertainty peaked ahead of the vote, the cryptocurrency market has been doing just fine, led by Bitcoin’s (BTC) biggest bull run in months. This has spurred customary narratives of crypto’s decoupling from more traditional asset classes and of Bitcoin as