After months of negotiations, President Joe Biden and House Representative Kevin McCarthy have tentatively agreed to raise the US government's debt limit. As part of the deal, proposed taxes by the Biden administration, including a 30% tax on crypto miners' electricity bills, will be blocked.

The tax was intended to address the economic and environmental costs of mining crypto assets, but it will not be implemented if the budget deal is passed. The final vote on the deal will be held on Wednesday, while the crypto market saw a surge over the weekend, with bitcoin trading above $28,000.