It's Monday, May 22nd, 2023, and this is Markets Daily from CoinDesk.

I'm Adam B. Levine here again with your Daily News Roundup.

On today, we're talking Bitcoin, the debt ceiling, top headlines, and more.

And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin, Ether and most other top tokens are down in markets showing largely red.

And things are getting a little bit boring, at least with Bitcoin, the world's largest digital asset by market value, settling into a tight range for months now, despite lingering concerns

about the stability of U.S. regional banks and the country's debt ceiling.

The range, or the difference between those highs and lows, reached in the seven days leading

up to May 21st, was 3.4%.

That's one of the narrowest ranges in the past three years, according to data tracked by Analytics firm Glass Note, quote, it's comparable to January 2020 and July 2020, both

of which preceded large market moves.

This suggests high volatility is likely on the horizon.

The company tweeted early Monday.

Recently, options-based volatility measures for Bitcoin and Ether also hit record lows.

Narrow trading ranges

indicate that neither the bullish nor the bearish perspectives nominate the price action.

And that typically happens when markets face competing influences and narratives. While

lingering U.S. banking sector issues favor the upside in perceived haven assets like Bitcoin,

the unresolved deadlock in debt-sealing negotiations, and the recovery in the dollar

index suggests otherwise. And by the way, we're going to dig a bit into that debt ceiling topic in the headlines.

But zooming in on that recent boringness, when trading ranges shrink, that typically leads to the opposite,

markets that go a bit wild as they seek a new equilibrium.

To position for that, many traders typically set up price agnostic strategies,

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