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On Sunday, we highlighted the upcoming key data for the week and mentioned the statements from Fed members. Today, the US Gross Domestic Product (GDP) data was to be announced. While Bitcoin‘s price struggled to surpass $60,000, investors were keeping one eye on the charts and the other on the forthcoming data.
US Data and Crypto
The upcoming US GDP data for the last quarter of the previous year is quite significant. The vibrancy in the economy makes the Fed’s job harder, and this isn’t great for cryptocurrencies. The Fed is cautious for a soft landing, moving away from the risk of recession.
Fortunately, the last quarter data came in at 3.2% against the expectation of 3.3%, which was not overly negative for the Fed. The Bitcoin price leapt to $60,800 as the data was released, coinciding with the time this article was being prepared. It was exciting to see it surge by $1,000 in a matter of minutes after struggling to cross $60,000 just a short while ago.
In the coming hours, there will be statements from Fed members, and depending on the data received, we will continue to share their comments with you as breaking news.
In the stock markets, we had seen cautious investors selling off before the data release. Approximately 1 hour later, as the markets open and normalize, this could create a supportive environment for BTC. On the other hand, we will see if the Spot Bitcoin ETFs, which have seen a 6% increase in price on the day, will break a new volume record.
