Ethereum (ETH) and Bitcoin (BTC) have recorded significant bouts of volatility
The U.S. economy increased by 2.6% in the third quarter, outperforming analysts' predictions. Economists expected the GDP to grow by 2.4%.instantly crashed to an intraday low of $1,532 before recovering to an intraday high of $1,578 within just two minutes.
Bitcoin and other major cryptocurrencies experienced similar bouts of volatility. The largest coin briefly slipped below the $20,500 level before recovering.The higher-than-expected GDP growth was mainly caused by a rebalancing of imports and exports. The U.S. economy slightly shrunk in the first two quarters due to fluctuations in international trade.
The most recent GDP print will likely influence the U.S. Federal Reserve's pace of additional rate hikes. The central bank is attempting to cool inflation while simultaneously avoiding a recession.has said that the Q3 GDP growth is"further evidence" that the economy keeps recovering at a steady pace."For months, doomsayers have been arguing that the US economy is in a recession and Congressional Republicans have been rooting for a downturn.
Dean Baker, senior economist at the Center for Economic and Policy Research, says that the most recent GDP print also implies strong productivity growth, which will go far in"reducing inflationary pressure."
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