The U.S. economy seems headed for a recession if it’s not already there. But it’s difficult to predict how BTC and other cryptos will perform in the weeks ahead. At the time of writing, the Bitcoin price is changing hands at $23,784.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin and Ether soar for a third consecutive day
Interest rates are up. U.S. gross domestic product (GDP) is down. But crypto investors have been liking what they’ve been hearing lately about inflation-busting efforts and the possible economic path forward as Bitcoin, Ether, and most other major digital assets climbed handsomely for a third consecutive day.
“As trading markets continue to defy crowd expectations, Bitcoin, the S&P 500, gold, & silver are all up. This comes after the news was released that the USA had a -0.9% GDP in Q2, 2022, which technically implies that there is now an official recession”, Santiment reported.
Bitcoin was recently trading at nearly $23,900, a more than 4% gain over the past 24 hours as markets continued to embrace the latest steps by the U.S. central bank to quell inflation and indicators showing the economy slowing but not falling into recession. The largest cryptocurrency by market capitalization cracked $24,000 for the first time in more than a week at one point despite GDP tumbling more steeply than expected.
Ether, the second-largest crypto by market cap behind bitcoin, jumped over $1,700 for the first time since early June. Other major cryptos were deeply in the green with ETC and BCH both up more than 20% at one point.
“Ethereum had a big Thursday, soaring above $1,770 for the first time since June 10th. This spike was just two days after ETH hinted at a big move following its All Time High in address activity, breaking over 1 million for the first time in history”, Santiment added.
Other major cryptos were deeply in the green with ETC and BCH both up more than 20% at one point. The overall cryptocurrency market cap stands at $1,096 trillion, and Bitcoin’s dominance rate is 41.6%.