While Bitcoin price is fluctuating today, the crypto market awaits US GDP and unemployment data. Forward forecast GDP data fell below expectations, which did not meet investors' expectations.
Markets were eagerly awaiting US GDP and weekly unemployment claims data today, along with US PCE inflation data to be released tomorrow.
According to the latest data from the US Department of Labor Bureau of Economic Analysis, US GDP increased by 1.3% in the first quarter of fiscal 2024, beating market expectations and raising investors' hopes. While advanced forecast data showed that GDP increased by only 1.6%, there was an increase of 3.4% in the last quarter of fiscal 2023.
Declining GDP data demoralized investors, leading to a massive sell-off in the broader financial market, especially the crypto market. However, the market was expecting the first revision of US GDP data to show 1.2% growth. In this case, it could boost investor hopes as recent data shows the economy is progressing above Wall Street expectations.
On the other hand, macroeconomic concerns and inflation woes have negatively impacted crypto market sentiment. The Federal Reserve has continued to keep interest rates high as inflation remains above its 2% target, causing many investors to wait on the sidelines.
Bitcoin Price Rises Again After Business Data
As the latest GDP data boosted market sentiment, Bitcoin also gained momentum. The broader crypto market was volatile today as investors awaited the release of important economic data.
Another important data from the US Department of Labor showed that weekly unemployment claims increased by 3,000 to 219,000 last week. While this figure is slightly above the market estimate of 218,000, the underlying strength of the labor market remains. According to reports, the latest data points to continued support for the economy.
With US GDP data coming in better than expectations, the crypto market and the broader financial sector will be closely monitoring the upcoming US PCE inflation data. According to the CME FedWatch Tool, there is a 98.9% probability that the US Federal Reserve will leave the interest rate unchanged at its meeting on June 12.
Meanwhile, the US 10-year Treasury yield fell 0.99% to 4.577, following revised US GDP data for the first quarter. At the same time, US Dollar Index Futures fell 0.25% to 104.770.
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