Bitcoin Price Soars After US GDP & Job Data

Highlights

The revised data showed that the U.S. GDP rose 1.3% in Q1, exceeding market expectations.
Bitcoin price has regained momentum following the GDP data, after a volatile trading today.
The market now eagerly awaiting the U.S. PCE inflation data, scheduled for tomorrow.

The Bitcoin price has witnessed volatile trading today, with the crypto market waiting for the U.S. GDP and job 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 and weekly unemployment benefit claims 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. Considering that, the latest data is likely to boost the hopes of investors as the economy has advanced more than Wall Street expectations.

Meanwhile, the macroeconomic concerns have so far dampened the crypto market sentiment, especially amid the inflation woes. The U.S. Federal Reserve has kept the interest rate higher as the inflation stayed above their 2% target, forcing many investors to stay on the sideline.

Also Read: Here’s How This Trader Turned $462 into $3.4 Million With PEPE

Bitcoin Price Regains Momentum After Job Data

The latest GDP data has boosted the market sentiment, as evidenced by the regaining momentum of Bitcoin. Notably, the broader crypto market has witnessed volatile trading today, as investors took a pause ahead of the major economic release.

Another crucial economic data by the U.S. Labor Department showed that the weekly jobless claims rose by 3,000 to 219,000 last week, as compared to the market estimate of 218,000. Although the number of Americans filing new claims for unemployment benefits increased slightly last week, the underlying strength in the labor market persists. According to reports, the recent data signals at a continued support for the economy.

Now, with the U.S. GDP data coming in better than expectations, the crypto market along with the broader financial sector will keep a close watch on the upcoming U.S. PCE inflation data. According to the CME FedWatch Tool, there is a 98.9% probability of the Federal Reserve keeping the interest rate unchanged at their upcoming June 12 meeting.

Meanwhile, following the revised U.S. GDP data for the first quarter, the U.S. 10-year Bond Yield dropped 0.99% to $4.577. Simultaneously, U.S. Dollar Index Futures fell 0.25% to $104.770 at the same time.

On the other hand, Bitcoin price soared 0.81% and exchanged hands at $68,173.14, after touching a 24-hour low of $67,101.49. The Bitcoin Futures Open Interest also rose about 1% in the last 4 hours to 505.44K BTC or $34.54 billion, signaling the increasing confidence of the investors towards the crypto.

Also Read: Dogecoin (DOGE) Price Drops 4% Amid Meme Coin Slump, What’s Behind The Underperformance?

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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