Bitcoin (Bitcoin) The cryptocurrency tumbled after new data showed higher inflation and slower growth in the United States in the first quarter, briefly falling below $63,000 on Thursday.
The U.S. government’s first-quarter GDP report showed growth of just 1.6%, well below the 2.5% expected by analysts and below the 3.4% expected in the fourth quarter of 2023. On the other hand, the GDP price index was slightly higher than expected at 3.1. %, up from 1.6% in the previous quarter.
A disappointing inflation report spooked investors, further dampening hopes for interest rate cuts this year and hurting risk assets across all markets. Major U.S. stock indexes, including the S&P 500 and the tech-heavy Nasdaq, began trading down nearly 2%, while the yield on the 10-year U.S. Treasury rose 8 basis points to 4.73%, its highest level since November. was recorded.
BTC at one point fell more than 4%, hitting a low of $62,800, but has recently recovered to $63,700.ether (Ethereum) During the same period, it fell 4% and hovered around $3,100.
