Resource: Cryptopotato.com
5 months ago
Date: 28 Jul 2022 - 18:51

Bitcoin and Ethereum are pumping after the U.S. Bureau of Economic Analysis released its official GDP data for Q2 2022. The data shows that real GDP decreased by 0.9 year over year marking the nations second consecutive quarter of negative GDP growth.Bitcoin traded for about 22700 prior to the bureaus release at 0830 EST. Meanwhile Ethereum traded for about 1630.Both coins then began to climb over the following hours with Bitcoin reaching back to 21114 at about 1153 and Ethereum hitting 1754 at the same time. Each has since pulled back to 23800 and 1720 respectively at writing time.Ethereums rise is compiled with newfound enthusiasm over its upcoming Merge upgrade which will take its consensus mechanism from proof of work to proof of stake.The pump follows a fairly bullish reaction to the Federal Reserves 75 basis point rate hike on Wednesday which has normally been viewed as bearish for crypto and stocks.By many countries definitions and common measurements two consecutive quarters of negative GDP means a nation has technically entered recession. However the White House denies that the U.S. economy has entered such a state claiming that recessions are determined by a more holistic look at the data.When asked at a press conference on Wednesday Federal Reserve Chairman Jerome Powell stated that he did not believe the economy was in a recession. However he claimed that it is softening.

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USDT Market Price Change (24H) Market Cap Last 7 Days
39997.79 $ 0 % 760.32 Billion $
3001.33 $ 0 % 360.05 Billion $
1.001 $ 0 % 82.65 Billion $
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82.96 $ 0 % 29.44 Billion $
0.9455 $ 0 % 29.42 Billion $

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