Bitcoin rises as US debt deal optimism spreads, Floki climbs on Chinese interest and FTX bankruptcy incurs lower wages in Singapore

European Whit Monday was pretty good for major crypto coins as US Republicans and Democrats announced a deal to solve the debt ceiling dilemma. China’s potential re-entry into crypto meant a boom for memecoin Floki and last year’s bankruptcy of FTX is now affecting wages in Singapore as well.

Debt deal

Now that the Republican Party leadership in the US has a deal with the White House of Joe Biden, there is renewed optimism in crypto exchanges and US stock markets.

Bitcoin Surges Above $28K as Debt Ceiling Deal Brings Optimism, Plus China’s Web3 Policy Leaked on Chinese Socials Revealed! $BTC #Bitcoin #CryptoNews

A Thread 🧵by $QUACK #RichQUACK: pic.twitter.com/E3Kz0p6F88

— RichQuack (@RichQuack) May 29, 2023

The deal still needs to get approval in Congress, which may prove difficult. Bitcoin surged as high as $28,000 on Monday while Ether briefly traded above $1,900.

At the time of writing Bitcoin trades for $27,800 and Ether is priced at $1,900.

Floki climbs speculatively, also at Bitvavo

Memecoin Floki, which has been focusing on China for some time, has developed an online game (called Valhalla) for the Chinese market. With the news that investors in Hong Kong will again be allowed by the Chinese government to invest in cryptocurrencies, Floki, which is named after Elon Musk’s dog, saw a good boost in both trading volume and price this weekend.

“We’re seeing a lot of new interest from China,” the developers said in a tweet. “We’re excited to bring Valhalla to the Chinese market and help them experience the future of gaming.”

#FLOKI is going global on a Sunday!🔥

• $FLOKI is trending on Twitter with 2.25M+ tweets, alongside $FTM
• Floki ads at #ITTFWorlds2023 reach 100M+ viewers in China and tens of millions at #KingsLeague
• #Bitvavo, Holland’s top exchange sees FLOKI trending second in volume pic.twitter.com/0fsxONJh6T

— FLOKI (@RealFlokiInu) May 28, 2023

Floki also moved higher over at Dutch trading platform Bitvavo and was the second most traded coin this Sunday.

FTX and Temasek

Sam Bankman-Fried, the former founder of the major US crypto platform FTX, is still under house arrest with his parents in California and counting down to his trial later this year. If he can ever travel as a free man again, he probably won’t be too welcome in Singapore.

Temasek said it reduced compensation for senior management and the investment team responsible for investing in FTX https://t.co/Lef4X4xwV7

— Bloomberg Crypto (@crypto) May 28, 2023

State fund Temasek has decided to reduce the wages of several employees because the company suffered major losses due to investments in FTX, which went bankrupt in November last year.