9h00
3
min read by
Ariela R.
With the release of US economic data, Bitcoin is once again in the spotlight. Investors are watching how the flagship crypto will react to macroeconomic indicators. But apparently, BTC is not too affected by the famous release.
Mixed US Data and Moderate BTC Reaction
The published data concerns:
- the American gross domestic product (GDP),
- unemployment benefit applications.
GDP reached 1.4% (in line with forecasts), while unemployment benefit claims stood at 233,000. A figure lower than expectations of 236,000.
Following the publication of this data, the Bitcoin price experienced a moderate reaction. The crypto is stabilizing around $61,273, due to several factors.
- Investors have already priced positive expectations into Bitcoin’s price, following recent supportive buying that propelled the cryptocurrency above $61,000.
- The general optimism of investors supports the upward trend of the Bitcoin market.
A Complex Relationship Between Bitcoin and the US Economy
Bitcoin is often thought of as shelter against inflation and economic uncertainties. In theory, this means that when economic indicators are weak, BTC should appreciate. The fact is that investors are looking for alternative assets.
Nevertheless, Bitcoin remains a highly speculative assetsensitive to fluctuations in investor sentiment. Positive economic data, for example, can boost risk appetite and prompt investors to move toward more traditional assets at the expense of Bitcoin.
Other factors that can influence the price of BTC:
- crypto regulations,
- adoption by institutions,
- technological innovations in the blockchain sector.
In any case, Bitcoin’s moderate reaction to recent American economic data does not allow definitive conclusions to be drawn about its future.
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Ariela R.
My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it is a world that interests me a lot. And the topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
