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Bitcoin slips after US GDP growth misses forecasts
Bitcoin briefly traded above $65,000 before easing, as the data suggested persistent inflation could keep Federal Reserve policy restrictive.
Bitcoin briefly topped $65,000 on Thursday before pulling back, after US economic growth in the second quarter came in below forecasts. CryptoSlate data showed the largest cryptocurrency trading near $64,729, following an intraday high of $65,071 and a low of $63,205.
The US economy expanded at a 1.5% annualized rate in the second quarter, below the first quarter’s 2.1% pace and analysts’ forecast of 2.1%. While a growth miss can raise expectations for easier monetary policy, the report pointed to resilient household spending and ongoing price pressures.
CryptoSlate said consumer spending accelerated at a 3.2% annualized rate after rising only 0.5% in the first three months, and business equipment investment stayed robust, including spending tied to artificial intelligence buildouts. It also cited inflation readings, with the gross domestic purchases price index up 5.7% annualized and core personal consumption expenditures increasing 3.4%.
According to Joseph Brusuelas at RSM US, the widening trade deficit subtracted about one percentage point from headline growth and made the 1.5% figure a less clear measure of underlying momentum. He argued import growth reflected equipment needed to sustain AI investment, while the inflation data suggested the Fed would have less reason to ease, particularly with some internal disagreement after three officials voted for rate increases at a prior meeting. The Fed held its benchmark rate at 3.50%.
Latest closeBitcoin $64,748.92 ▲1.3%