Joe Biden and Speaker Kevin McCarthy met on Monday to discuss raising the debt limit. The two sides have made modest progress, but an agreement remains elusive. Investors have been focusing on the US Debt Ceiling situation, which has caused a gloomy mood in recent times. This explains why cryptocurrencies such as Bitcoin, Ethereum, and AltSignals (ASI) have seen recent slow movements. It also explains why stock indexes like the Dow Jones and the Nasdaq 100 have shifted in the last few days.
This article will examine the impact of the news about the debt ceiling on cryptocurrencies such as AltSignals (ASI).
Debt ceiling deal is elusive
If a deal is not reached on the debt ceiling, then the US faces a major financial crises. On Monday, Joe Biden and Kevin McCarthy and the other delegates failed to reach an agreement about how to deal with the debt ceiling. In a public statement, McCarthy reiterated the fact that the discussions were productive and the tone was significantly better than at previous meetings.
The clock is ticking. Janet Yellen, the head of the Treasury Department, has stated that the US could be running out of cash June 1st if Congress does not pass the bill to raise the debt ceiling. There is a high probability that the two parties will not come to an agreement before then.
The risks of defaulting on US debt could be grave. A high unemployment rate, weakening financial markets, as well as a lack of confidence across the board are all possible outcomes.
However, analysts believe that, due to these risks, the two parties will eventually reach an agreement shortly before June 1. Politically, it is in both parties’ interests to reach an understanding. If this occurs, we may see a significant rebound in financial assets such as stocks and cryptocurrency.
What is AltSignals?
AltSignals is a small, fast-growing fintech firm that provides trading signals to traders all over the world. Established in 2017, the company has grown to include thousands customers worldwide. These traders receive trading signals 24/7, and the system has a 64% accuracy rate, which is superior to other similar products.
AltSignals is leveraging artificial intelligence in order to improve its system’s performance. This is achieved by moving from an indicator-focused platform to an AI platform. The new software will include several technologies, such as machine learning and Natural Language Processing (NLP).
The key features of machine learning technology are regression and prediction modeling, while NLP will include AutoML and a natural language API. According to AltSignal’s White Paper, both sides will come together to form reinforcement-learning.
Is it safe to buy ASI products?
AI’s goal is to improve accuracy rates from 64% up to 85%. The developers will also use blockchain technology in order to raise the capital needed for this project. They do this by selling ASI tokens, and using these funds to develop their product.
The ASI token sales has been a huge success for the developers, who have raised over $768k (72%) of the total fundraising target.
AltSignal is a great investment for four reasons. First, the project uses artificial intelligence which is the fastest-growing tech in the entire world. Second, AltSignals, unlike other projects that are still in the pre-revenue stage, has been in existence for many years and is extremely profitable. Third, many newly listed tokens such as Metacade and Pepe have done well. Finally, I think that the price of cryptocurrencies will increase after the US has passed the debt limit agreement.