Bitcoin (BTC) dropped briefly below $63,000 on Thursday as cryptocurrencies tumbled following fresh data showing hotter inflation and slower growth in the U.S. in the first quarter.
The U.S. government’s preliminary report for first quarter GDP showed growth of just 1.6%, substantially lower than the 2.5% analysts estimated and down from 3.4% in the fourth quarter of 2023. Meanwhile, the GDP price index came in slightly hotter than expected at 3.1% and up from 1.6% in the previous quarter.
The disappointing inflation data report spooked investors, with hopes for interest rate cuts this year dimming further, hitting risk assets across all markets. Major U.S. stock indexes such as the S&P
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!