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Throughout the first five months of the year, the digital asset sector has become a clear focus of financial revolution. This has been massively important for the United States as its global reserve currency sits at a crossroads. Now, Coinbase CEO Brian Armstrong has suggested that rising US debt will eventually cause Bitcoin to overtake the US dollar. Bitcoin has become a priority for the US, with the country set to establish its very first federal strategic reserve. Yet, it has also become a clear hedge for a struggling greenback. With increased macroeconomic pressures, there is a belief that the leading cryptocurrency could take global reserve share from the dollar sooner rather than later. Source: Horrizon Currency Also Read: Russia’s Largest Bank Sberbank Unveils Bitcoin-Tied Structured Bonds Coinbase CEO Reiterates Fear That Bitcoin Could Begin Replacing the US Dollar on the Global Stage With the rise of BRICS, the push of the Euro, and Bitcoin, it is clear that the US dollar has...

Given the uncertainty in the macroeconomic environment, Bitcoin price bulls have no reason to bet against a six-week descending wedge pattern. A bearish market structure has been pressuring cryptocurrencies’ prices for the past six weeks, driving the total market capitalization to its lowest level in two months at $1.13 trillion. According to two derivative metrics, crypto bulls will have a hard time to break the downtrend, even though analyzing a shorter timeframe provides a neutral view with Bitcoin (BTC), Ether (ETH) and BNB, on average, gaining 0.3% between May 12 and May 19. Total crypto market cap in USD, 12-hour. Source: TradingView Notice that the descending wedge formation initiated in mid-April could last until July, indicating that an eventual break to the upside would require an extra effort from the bulls. Furthermore, there’s the impending U.S. debt ceiling standoff, as the U.S. Treasury is quickly running out of cash. Even if the majority of investors believe that the B...