Bitcoin is Little Moving Over the Week Despite Debt Deals and Inflation Worries

Bitcoin and ETH had divergent paths in May, with Ether increasing 52% YTD and BTC decreasing 60%. The ETH/BTC ratio has increased 6.7% since May, but both assets are still in line for their first losing month of 2023.
The weekly leaders were Render Token (RNDR) and Tron (TRX), up 21.9% and 7.6% respectively, while LDO and ALGO lagged, declining 8.5% and 9.3%
Investors have been focused on President Joe Biden and U.S. House Speaker Kevin McCarthy’s debt ceiling negotiations, as well as the unexpected increase in U.S. prices in April. The Federal Open Market Committee (FOMC) is expected to pause interest rate hikes during its June 14 meeting, but the probability of a 25 basis point increase has increased from 17% to 62%.
All six sectors in the CoinDesk Market Index fell this week, with the Culture and Entertainment sector falling 4%. ARPA, a decentralized computation token, up 88%, is trading 167.2% higher on the month and over 200% higher over the last 12 months.