Bitcoin Stabilizes Above $27K Amid Rate Hike and Inflation Concerns

Bitcoin settled above $27.1K after Cleveland's Federal Reserve Bank president spooked investors with hawkish comments and China reported dispiriting manufacturing data. House lawmakers finally passed the bill to raise the debt ceiling via a bipartisan effort that overcame strong opposition from far-right Republicans. Large holders of bitcoin reduced their holdings in the days leading up to the debt deal, and an increase in BTC sent to centralized exchanges was observed.