Bitcoin and tech stock continue tumbling after strong US GDP data
By:Brian McGleenon
Bitcoin fell further, alongside tech stocks, failing to rebound after Thursday’s strong U.S. GDP data and cooler PCE inflation.
Bitcoin BTC -2.86% continued its recent downturn, falling alongside tech stocks after stronger-than-expected U.S. economic growth data.
After Thursday's opening bell, the tech-heavy Nasdaq Composite fell 215.43 points, or 1.246%, to 17,126.98, while the SP 500 dropped by 21.93 points, or 0.4%. Bitcoin also failed to reverse its near-term downtrend after GDP data showed Thursday that the U.S. economy grew by 2.8% in Q2 2024, beating economist forecasts of a 2% gain.
The largest digital asset by
market capitalization
traded flat
over the past 24 hours, now changing hands for $63,800 at 10:24 a.m. ET, according to The Block's Price Page .
Odds are on for a September rate
Inflation pressures, measured by the Personal Consumption Expenditure (PCE) price index, cooled from 3.4% to 2.6%, indicating progress towards the U.S. Federal Reserve’s 2% inflation target.
According to ING Bank economist James Knightly, Friday's month-on-month core PCE print could generate numbers consistent with delivering 2% year-on-year inflation over time. Knightly said that U.S. consumer spending is set to slow in the second half of 2024. "Business surveys certainly point to a weakening outlook with today's numbers not swaying the market from their belief in a September Fed rate cut," he added.
According to the Chicago Mercantile Exchange (CME) FedWatch tool , interest rate traders increased the chances of a rate cut in September to 85.7%.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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