2024-07-20
Global News

US GDP misses goal as Bitcoin price seeks to erase ‘ultra nasty’ 7% dip

A brisk slowdown in GDP fails to offer any direction for crypto markets, with Bitcoin slowly clawing back lost ground below $30,000.

$29,158 stuck to $29,000 at the April 27 Wall Street open as United States gross domestic product (GDP) growth missed expectations.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

U.S. GDP figures reveal surprise slowdown

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD once again stagnant after flash volatility the day prior.

The largest cryptocurrency had liquidated over $300 million in long and short positions after a snap correction over claims that Mt. Gox and U.S. government Bitcoin had left their wallets.

A subsequent rebound rescued some of the losses, but $30,000 remained out of reach as macro data failed to offer a suitable catalyst.

This came in the form of GDP growth, which at 1.1% fell far short of predictions.

“Growth expectations are falling fast,” financial commentator Tedtalksmacro wrote in part of Twitter follow-up.

Gold bug Peter Schiff, chief economist and global strategist at Europac, predicted that inflation would endure at the hands of the Federal Reserve, which next week is due to decide on the next changes in interest rates.

“Today’s 1.1% Q1 #GDP growth confirms the economy is getting weaker as inflation is getting stronger,” he summarized.

Source : Cointelegraph.com