Joe Biden and Speaker Kevin McCarthy met on Monday to talk on raising the debt ceiling.
The two sides made some modest progress but a deal remains elusive.
Stocks and cryptocurrencies will likely do well when the two reach a deal.
The financial market has been in a somber mood recently as investors focus on the US debt ceiling situation. This explains why cryptocurrencies like Bitcoin and Ethereum have barely moved recently. It also explains why stock indices like the Dow Jones and the Nasdaq 100 have wavered in the past few days. This article will look at the implication of the debt ceiling news to cryptocurrencies like AltSignals (ASI).
Debt ceiling deal is elusive
The US is staring at a major financial crisis if a deal on debt ceiling remains elusive. On Monday, Joe Biden and Kevin McCarthy met and failed to reach a substantial agreement on how to address the debt ceiling issue. In a statement, McCarthy reiterated that talks were productive and that the tone was much better than in the previous meetings.
The clock is ticking. Janet Yellen, the head of the Treasury Department, has said that the US could run out of cash on June 1st if Congress fails to pass a debt ceiling bill. There is a strong possibility that the two sides will not reach a deal before then.
However, the risks for defaulting on US obligations could be dire. Some of the potential consequences of the situation are a high unemployment rate, weak financial markets, and a broader lack of confidence in the American system.
Therefore, because of these risks, analysts believe that the two sides will ultimately reach a deal shortly before June 1. Politically, it is in the interest of both parties to reach an agreement. As such, if this happens, we could see a major rebound of financial assets like stocks and cryptocurrencies.
What is AltSignals?
AltSignals is a small and fast-growing fintech company that provides trading signals to traders from around the world. Established in 2017, the company has grown to include thousands of customers globally. These traders receive trading signals on a 24/7 basis. Its system has an accuracy rate of 64%, which is better than other similar products.
AltSignals is working to leverage artificial intelligence to improve the performance of its system. It is doing this by transitioning from an indicator-focused tool to an AI platform. The new software will have several technology aspects like machine learning and natural language processing (NLP).
The key aspects of its machine-learning technology will be regression and predictive modeling while NLP will have AutoML and natural language API. According to AltSignal’s white paper, the two sides will combine to form reinforcement learning.
Is it safe to buy ASI?
The goal of embracing AI is to improve the accuracy rate from 64% to over 85%. Its developers are also leveraging blockchain technology to raise capital for building this project. They are doing this by selling the ASI token and then use these funds to build the product.
The ASI token sale has been highly successful since the developers have raised over $768k or 72% of the total fundraising goal.
There are four main reasons to invest in AltSignal. First, the project is leveraging artificial intelligence, which is the fastest-growing technology in the world. Second, unlike many pre-revenue projects, AltSignals has been around for years and is highly profitable.
Third, many newly listed tokens like Metacade an Pepe have done really well. Finally, I suspect that cryptocurrencies will rally after the US passes the debt limit deal.