Bitcoin stabilizes near $63,000 as U.S. economic growth decelerates.

Equity markets dip over 1% in response to U.S. GDP growth and inflation concerns.

Quick Take

Data from Trading Economics shows the United States economy grew at an annualized rate of 1.6% in the first quarter of 2024, falling short of the forecasted 2.5% and slowing down from the previous quarter’s 3.4% growth. Despite the slower pace, the economy continues to expand in an already overheated environment, with inflation persisting above the target level.

US GDP Growth Rate: (Source: Trading Economics)

US bond yields rose in response to the economic data, with the 2-year Treasury yield surpassing 5%. The front end of the yield curve, particularly the 3-month and 6-month yields, are now hovering around 5.4%. With the current federal funds rate at 5.25% to 5.5%, the market is not anticipating rate cuts for at least six months.

How To Get Free Crypto  

US03MY and US06MY: (Source: TradingView)

The CME FedWatch tool tracks futures markets and suggests that investors expect no rate cuts until July, followed by a single cut in September and a pause for the remainder of the year. This outlook marks a significant shift from the beginning of the year when markets were pricing in around six rate cuts.

CME Fed Watch Tool: (Source: CME)

As a result of the economic news, Bitcoin (BTC) is trading at approximately $63,300, while US equity markets have declined by more than 1%.

Go to Source
Author: James Van Straten

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.