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
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