Why is Bitcoin (BTC) down today? (May 25, 2023)

United States Secretary of the Treasury Janet Yellen’s recent statements regarding the financial markets, especially the banking sector, have affected all cryptocurrencies, especially Bitcoin (BTC). Following the speech, the S&P 500 also fell by about 1.5%.

On Wednesday, House Speaker Kevin McCarthy said that debt ceiling talks were stuck on spending levels and that the U.S. was just eight days away from defaulting. McCarthy also expressed hope that the negotiators would reach an agreement in time.