Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report

Summary:

Leading cryptocurrency Bitcoin traded higher than $23K on Thursday.The top coin enjoyed a slight rally following Wednesday’s FOMC meeting.America’s Q2 GDP report was also released with the figure at -0.9%.The number signaled a recession per technical definition although authorities opined differently.Crypto coin prices flashed green regardless of the news with market leaders Bitcoin and Ethereum both in double-digit gains.The total crypto market cap is also above $1.1 trillion at press time.Major alts like Solana are up in gains as well. 

Bitcoin stayed green on Thursday after the U.S. GDP report revealed negative numbers and the federal reserve hiked rates by 75 basis points on Wednesday. Numbers from the Q2 GDP report stood at -0.9%, signaling that America is indeed in a recession despite counter-arguments from government officials. 

According to the technical definition, a recession is in play if the Gross Domestic Product report for two consecutive quarters comes out as negative. Indeed, the reports for Q1 and Q2 2022 were reportedly negative.

Reports also claim that U.S. authorities attempted to downplay an imminent recession by tweaking the technical definition of a recession. The news triggered mixed reactions on Twitter, with some users calling out such actions. 

However, rhetoric from the White House maintained that the government does not see a recession and that multiple sectors of the economy remain strong. These comments were echoed by Karine Jean-Pierre, one of President Joe Biden’s spokespersons, at a recent press conference. 

Doocy: “If things are going so great, why are White House officials are redefining recession?”

Jean-Pierre: “We are not.”

Doocy: “It’s two consecutive quarters of negative GDP growth… How is that not redefining recession?”

Jean-Pierre: “That’s not the definition.” pic.twitter.com/eyyvYdZWMj

— Greg Price (@greg_price11) July 27, 2022

Crypto Market Pumps With Bitcoin And Ethereum In Double-Digit Gains

Following the FOMC meeting and GDP report, cryptocurrency prices stayed in green with multiple tokens pumping. The top coin BTC was above the $23,000 level at press time and up over 10% at press time. 

Altcoin leader Ethereum (ETH) broke above $1700 amid major updates regarding The Merge. ETH gains over the past 24 hours crossed double digits and the asset was up over 15%.

Ethereum competitor Solana was not left out of Thursday’s pump as SOL moved beyond $40 dollars and gained more than 12% in the past day. Other tokens across the broader cryptocurrency market also flashed green and the total crypto market cap sat above $1.1 trillion at press time.