The post Bitcoin and Broader Market Choppy Ahead of US GDP Report appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Bitcoin and the broader cryptocurrency market are choppy ahead of the release of finalized U.S. gross domestic product data later today. The vast majority of the assets in the top 100 coins by market cap are trading in the red. Bitcoin has, once again, breached the $61,000 mark and currently trades for $60,670 at the time of writing, according to CoinGecko. The finalized gross domestic product data for the U.S.—the biggest indicator of whether the economy is growing or declining—is expected to show 1.3% growth. This figure is important as it plays a pivotal role in the Federal Reserve’s decision to cut rates. A strong GDP figure would likely bolster the Fed’s resolve to leave rates unchanged. Conversely, a weak GDP figure would likely speed up the process of interest rate cuts. Earlier this month, commentary from the Federal Reserve indicated that the Fed is likely to cut rates only once this year. This caused a sell-off in the cryptocurrency markets, as investors are cautious of investing in risk assets in an environment with high interest rates. As June draws to a close, the month has not been kind to the leading cryptocurrency, as BTC is down roughly 10% month-to-date. The Fed’s more hawkish than anticipated stance played a key role in this downfall, however, it was not the sole factor. On Monday, it was announced that Mt. Gox creditors will start receiving reimbursements from early July. This spooked market participants, as nearly $9 billion worth of Bitcoin will be handed out to investors who did not have access to said funds for over a decade. Then…

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Filed under: News - @ June 28, 2024 5:16 pm