Crypto Prices Rise Following Robust US Economic Data – Here’s Why Bullish Momentum Can Continue
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
Major crypto prices are trading in the green on Thursday in wake of US economic data that showed slowing inflation and a stronger-than-expected economy in Q2 and amid relief in wake of a strong Nvidia earnings report.
Bitcoin (BTC) and Ethereum (ETH) were both up 2-3% in the past 24 hours, per CoinMarketCap, and leading the rally in crypto prices.
BTC was last back in the mid-$60,000, while ETH was nearing $2,600.
Other major coins like Dogecoin (DOGE), Tron (TRX), Cardano (ADA) and Avalanche (AVAX) were up a similar margin.
The annualized rate of US GDP growth in Q2 was revised up to 3.0% from 2.8%.
2Q US GDP Revised up to 3% from 2.8% pic.twitter.com/SHrPBsLRBA
Q2 inflation measures were also downwardly revised.
#Inflation is so yesterday's news!
US GDP growth was revised upward, driven by a significant upward revision of consumer spending. That's not what a #recession looks like, right?
Less inflation + decent growth ≠ stagflation pic.twitter.com/J4aIovDyif
The combination of lower inflation and stronger growth was interpreted by analysts of raising the chance that the US economy avoids recession.
The latest Nvidia earnings report, while disappointing some of the over-expectant bulls, was very robust and signaled strong momentum in the AI boom.
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