Breaking: Bitcoin Price Soars After US GDP Data Boosts Sentiment

The Bitcoin price has witnessed volatile trading today, with the crypto market waiting for the U.S. GDP data. Notably, the advanced estimate GDP data came below the market expectations, dampening the sentiment of the investors. Having said that, the market was eagerly awaiting the U.S. GDP data today, followed by the U.S. PCE inflation, scheduled for release tomorrow.

U.S GDP Soars 1.3%

The latest data by the U.S. Labor Department’s Bureau of Economic Analysis showed that the U.S. GDP rose 1.3% in the first quarter of fiscal 2024, fueling market sentiment. Notably, the advanced estimate data showed that the GDP rose only 1.6% in the first quarter, after witnessing a surge of 3.4% in the final quarter of fiscal 2023.

The cooling GDP data has weighed on the investors’ sentiment, fuelling a massive selloff in the broader financial market, let alone the crypto market. However, the market was expecting the first revision of the U.S. GDP data to show a growth of 1.2% in the first quarter. Considering that, the latest data is likely to boost the hopes of investors as the economy has advanced more than Wall Street expectations.

Meanwhile, the macroeconomic concerns have so far dampened the crypto market sentiment, especially amid the inflation woes. The U.S. Federal Reserve has kept the interest rate higher as the inflation stayed above their 2% target, forcing many investors to stay on the sideline.

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