The largest cryptocurrency had offered a modest uptick after the Federal Reserve hiked interest rates toThe day’s U.S. GDP advanced print for Q2 came in better than forecast at 2.4% annualized, pointing to inflationary pressures continuing to ebb in what could prove a catalyst for risk asset performance.
Bitcoin did not noticeably react, however, with stocks likewise fairly flat after the Wall Street open. Michaël van de Poppe, founder and CEO of trading firm Eight, thus hoped that the July 28 Personal Consumption Expenditures Index release would provide a more tangible growth incentive. “GDP comes out way more positive than expected. That's great. Soft landing case starts to pick up pace. If GDP was worse than expected, you'd see markets drop,” heA subsequent post nonetheless cautioned that BTC/USD could see a dip beforehand, while $29,700 now formed a line in the sand.
The largest cryptocurrency had offered a modest uptick after the Federal Reserve hiked interest rates to their highest since 2001 — a move already priced in by markets.
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