USA Grows Above Expectations! How Did It Affect Bitcoin?

Crypto investors eagerly await USA The economic growth figure was announced today. The world’s largest economy expanded by 2.9% in the last quarter of 2022. The market expectation was known as 2.8%. In the third quarter of the year, the growth was 3.2%.

Experts explain the last quarter’s growth, which exceeded expectations, with increased consumer and federal government spending. Despite the positive figure, if we look at the past, the economy slowed down compared to the third quarter of the year.

“Soft Landing” Scenario on the Table

US Federal Reserve, tightened its monetary policy to solve the inflation problem, which is getting out of control and approaching 10%. Within the scope of this policy, balance sheet contraction and interest rate hikes followed each other.

As a result of the hawkish statements from the FED executives, the markets priced in a harsh recession in the first half of 2022. As the negative growth data in the first 2 quarters of the year confirmed this situation, investors preferred to park their assets in dollar deposits. With the increase in the guarantee interest yield, the crypto market turned upside down.

However, the positive growth figures in the second half of the year despite the high interest rate may indicate that this stagnation period will not be very severe.

Latest Status in Bitcoin

Leader cryptocurrency unit is consolidating its position by testing the $22,530 level, which it exceeded last week, many times.

The growth figure announced during the day does not seem to have affected the course of BTC much.

bitcoinIt is currently trading at $23,000.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!

source site-4