Unveiled: How U.S. Economic Data Impacts Cryptocurrency Values

Key Points

1. The U.S. GDP grew by 3.0% quarterly, surpassing the forecast of 2.6% and showing improvement from the previous -0.5%.

2. Bitcoin's price dropped to $117,600 and Ethereum stood at $3,770 following the GDP data announcement.

3. The U.S. core Personal Consumption Expenditures (PCE) price index for Q2 was 2.5% annually, above expectations of 2.3% but down from the previous 3.5%.

4. The strong economic data suggests the Federal Reserve may delay cutting interest rates, creating a challenging outlook for cryptocurrencies.

5. Economic growth, while evident, introduces volatility and risk for cryptocurrency markets.