Bitcoin (BTC-USD) is up nearly 0.1% to $27,091 today while Ethereum (ETH-USD) has managed to eke out 0.27% gains and is hovering at $1,812.
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The price weakness in major Cryptocurrencies comes as traders remain cautious over the latest developments associated with the U.S. debt ceiling and fallout from a potential default.
While the crypto market has remained buoyant so far this year despite tightening credit conditions and tremors in the banking sector, it has witnessed traders locking in profits in recent weeks as macroeconomic challenges continue to persist.
Over the past month, BTC and ETH, the two biggest cryptocurrencies, have dropped 10.2% and 12.4% respectively.
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