The price of Bitcoin rose again today, with the first revision of US GDP data showing that the economy expanded at a rate of 1.3% in Q1, exceeding market expectations.
Bitcoin price has seen a volatile trend today, as the crypto market awaits the US GDP data. Notably, the latest estimate GDP data came in below market expectations, affecting investor sentiment. Having said that, the market was eagerly awaiting US GDP data today, followed by US PCE inflation, scheduled for release tomorrow.
US GDP growth of 1.3%
The latest data from the US Labor Department’s Bureau of Economic Analysis showed that US GDP grew 1.3% in the first quarter of fiscal 2024, boosting market sentiment.
Notably, the latest estimate data shows that GDP grew by only 1.6 percent in the first quarter, after growing by 3.4 percent in the last quarter of fiscal 2023.
Cooling GDP data has weighed on investor sentiment, sparking a massive sell-off across the broader financial market, with the exception of the crypto market.
However, the market was expecting the first revision of US GDP data to show growth of 1.2% in the first quarter. Considering this, the latest data is likely to raise investor hopes as the economy has grown more than Wall Street expected.
Meanwhile, macroeconomic concerns have so far weighed on crypto market sentiment, especially amid inflation worries. The US Federal Reserve has kept interest rates high as inflation has remained above its 2% target, forcing many investors to stay on the sidelines.