US Stocks Fall on GDP Data, Bitcoin, Ethereum Hold On (Market Watch)

Both the two largest cryptocurrencies charted minor daily losses yesterday following the US GDP data but recovered almost immediately.

In contrast, the largest US stock market indexes closed the trading day in the red.

Bitcoin Bounce Back

All eyes yesterday were focused on the US GDP announcement following the past two negative quarters. This time, however, the estimations showed that the world’s leading economy will post a 2.9% growth compared to the numbers from the same quarter last year.

But the US economy displayed an even more notable growth of 3.2%, which some considered as a double-edged sword, showing that the US Fed’s actions have only limited impact.

The three largest US stock market indexes – the S&P 500, the Dow Jones, and the Nasdaq – dipped almost immediately. Although they all recovered some of the intraday trading losses, each closed in the red, with Nasdaq losing the most – 2.18%.

bitcoin, on the other hand, traded calmly around $16,800, as it was doing for the past few days. It remained unfazed at first but then dipped by around $300. However, the cryptocurrency bounced off quickly and recovered all daily losses.

As of now, BTC stands still inches away from $17,000. Its market cap has remained around $325 billion, while its dominance over the altcoins is just shy of 40%.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

DOGE Jumps 5%

Elsewhere in crypto land, Dogecoin has popped up as today’s best performer with a nearly 5% daily increase. This came as the asset was listed on the popular European crypto exchange – Bitstamp.

The second-largest cryptocurrency also dipped yesterday after the GDP announcement but, similarly to bitcoin, recovered most losses and currently sits above $1,200.

Ripple, Cardano, Polygon, and Polkadot are also slightly in the green from the larger-cap alts. In contrast, Binance Coin, OKB, Tron, Shiba Inu, Litecoin, and Solana are with minor losses.

With the lack of any substantial price movements, the overall crypto market cap has remained stuck at $810 billion once more.

Crypto Market Overview.  Source: QuantifyCrypto
Crypto Market Overview. Source: QuantifyCrypto

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link

Leave a Comment