📉 Market Update: Bitcoin and Tech Stocks Take a Hit
#Bitcoin and tech stocks are feeling the pressure after stronger-than-expected U.S. GDP data. 📊
💡What to have in mind:
Bitcoin Slips: Bitcoin BTC -2.19% continued its downturn, now trading at $63,800.
Stock Market Reaction: The Nasdaq Composite dropped by 215.43 points (1.246%) and the S&P 500 fell by 21.93 points (0.4%) after the data release.
Economic Growth: U.S. GDP grew by 2.8% in Q2 2024, surpassing forecasts of 2%.
Inflation Eases: PCE inflation cooled from 3.4% to 2.6%, edging closer to the Fed’s 2% target.
And the most important question: Are rate cuts on the Horizon?: With consumer spending expected to slow and business surveys indicating a weakening outlook, the likelihood of a September rate cut has risen to 85.7%, according to CME's FedWatch tool.
Stay tuned for more updates as we navigate these volatile markets! 🌐💹
