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US economy has entered into a technical recession. In Bitcoin – volatility
According to the results of April-June 2022, US GDP decreased by 0.9% relative to the first quarter. Taking into account the fall of the indicator by 1.6% in January-March, the economy entered a state of technical recession.
Analysts on average expected growth of 0.5%.
Published on July 28 by the US Department of Trade Data on GDP over the next two months will be twice revised.
On the eve of the head of the Fed Jar Powell, he urged not to attach great importance to the upcoming release of macrostatistics.
“I don’t think the United States is currently in recession. The reason is that too many areas of the economy work too well. We tend to relate to the first reports of GDP with distrust “, He explained.
The chairman of the Federal Reserve emphasized that after September the subsequent steps of the monetary authorities regarding the increase in the rate will depend on the nature of incoming macroeconomic data.
The first assessment of US GDP for the second quarter, combined with Powell’s statements, lowered the chances of aggressive tightening of the policy at the next meeting. A step of 0.5% is now estimated with a probability of 76% versus 60.5% a day earlier.
Trading on Wall Street began in a negative way. Index S&P 500 decreases by 0.54%.
The negative dynamics of stock indicators led to weakening optimism in the cryptocurrency market. Bitcoin quotes non -aggressively rolled away from the field of intraudic maximum above $ 23,200.
Recall that Grayscale analysts allowed the completion of cryptosima by the end of March 2023.
Previously, the former Goldman Sachs top manager and Macro-investor Raul Pal predicted a bitcoin turn due to global liquidity growth.
About how the Fed’s rate affects the price of bitcoin, read in educational cards forklog.
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