June 1 could be a date with historic implications for global markets, with the U.S. at risk of defaulting on its debt for the first time ever. Some analysts believe that even if the U.S. government can raise the debt ceiling before the June 1 deadline, risky assets such as stocks and cryptocurrencies may be affected because the issuance of new U.S. Treasury bonds will drain liquidity in the market. This is a potential black swan event that could have a huge impact on $Bitcoin$ and $Ethereum$, and even the entire cryptocurrency market. U.S. Treasury Secretary Yellen warned a few weeks ago that if the debt ceiling is not suspended or raised, the U.S. government will quickly run out of funds, and this day may happen as early as June 1. The U.S. has never defaulted on a contract before. But what is interesting is that Yellen said this time that Washington may not be able to pay the bills. After the warning was issued, the prices of Bitcoin and Ethereum both fell, and the losses even exceeded the decline in stocks. Since May 1, the S&P 500 is down just under 1%, however, Bitcoin has fallen more than 7% and Ethereum has fallen nearly 3% over the same period, the data show. Also, according to a survey conducted by Bloomberg, if the U.S. government’s debt ceiling rises sharply, gold is the top choice for investors, followed by U.S. Treasuries, while Bitcoin ranks third. On the other hand, activity in the bitcoin options market has increased as a potential default looms, suggesting that traders are betting on bitcoin’s high volatility. If the U.S. debt default does happen, it may trigger a global redistribution of wealth. For the encryption market, there are both risks and opportunities.