Bitcoin maintained stability at around $64,000 after the recent economic data showed that the US GDP Growth Rate for Q2 increased by 2.8% QoQ, surpassing the previous quarter’s growth of 1.4% and the consensus forecast of 2%.
This stronger-than-expected economic growth signals a robust recovery, potentially influencing investor sentiment positively toward assets like Bitcoin. However, Bitcoin has since started to decline to around $63,500, and as of press time, it is just 16% below its all-time high.
US economic data (Trading Economics)
The GDP Price Index for Q2 advanced by 2.3%, below 3.1% from the previous quarter, yet aligned closely with forecasts, missing by 0.3%. This moderation in inflationary pressure may contribute to the Federal Reserve’s less aggressive monetary policy stance, a factor that crypto investors closely monitor due to its potential impact on liquidity and market conditions.
Durable Goods Orders for June presented a mixed picture, with a notable decline of 6.6% MoM, contrasting sharply with the slight increase of 0.1% in May and consensus of 0.2%. However, orders excluding transportation saw a modest rise of 0.5%, indicating some underlying strength in other sectors. These figures reflect ongoing economic uncertainties, which may play into Bitcoin’s appeal as a hedge against traditional market volatility.
Bitcoin’s stability amidst these economic indicators emphasizes its role as a resilient asset in fluctuating economic data and investor sentiment.
Latest Alpha Market Report
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
