The FED, which announced the highly anticipated interest rate decision of the USA yesterday, today bitcoin and cryptocurrencies shared the GDP values, which is also an important data for
US Growth Data Announced as -0.9%
US GDP was announced as -0.9%.
Gross domestic product fell 0.9% in this period, after falling 1.6% in the first quarter, driven by rising inflation, rising interest rates and intensifying supply chain pressures. Expectations were for an increase of 0.5%.
Bitcoin price seems to have reacted negatively to this development at first. BTC, which was above $ 23,000 before the announcement, was pulled to the level of $ 22,600 with the statement.
GDP, or gross domestic product, shows how much the economy grew or shrank in the previous quarter.
In the first three months of the year, GDP decreased by 1.6% annually in the USA. This contraction frightened both economists and investors.
Now it was feared that the economy would contract for the second quarter in a row.
According to FXStreet, the first data on second-quarter gross domestic product released by the US Bureau of Economic Analysis at 15:30 was expected to show that the economy grew 0.5% year-on-year, recovering from the 1.6% contraction in the first quarter.
The data is of great importance in that it reveals the damage caused by inflation, which has reached the highest level in the last 40 years in the USA, and that it can bring volatility to the markets.
In its decision yesterday, the FED increased interest rates by 75 basis points and remained at the expected level.
*Not investment advice.