Reserve

Bitcoin

Impact

Rise

Today was one of the most crucial days for the macro landscape as the price of <a href="https://en.coin-turk.com/the-current-state-of-cryptocurrencies-bitcoin-and-altcoins-experience-massive-sell-offs/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> dropped to $34,000 before the data release. Alongside GDP and unemployment data, the quarterly PCE data was also announced. So, what does all this mean for crypto <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a>? Can it stop the rise in <a href="https://en.coin-turk.com/analyst-predicts-final-drop-in-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> price?
<h2 style="text-align: justify" id="us-data-and-cryptocurrencies">US Data and Cryptocurrencies</h2>
Despite high interest rates, ongoing inflation pressures, global issues, and numerous problems, the US economy grew higher than expected. Powell previously emphasized how important subpar growth is for tackling their struggles. Gross Domestic Product (GDP), which measures all the goods and services produced in the US, increased by 4.9% annually in the July-September period, reaching the 2.1% growth rate seen in the second quarter.
This increase also shows that the efforts of the Fed to cool down the economy did not yield as good results as expected. The increase is mainly driven by consumer spending, rising inventories, exports, housing investments, and government expenditures.
On the other hand, unemployment claims met expectations, so the employment sector saw what was anticipated. The Personal Consumption Expenditures (PCE), which the Federal Reserve uses as a measure for short-term inflation risks, was announced at 3.5%, significantly above the 2.5% estimate. However, the core PCE, which excludes food and energy prices, declined to 2.4%, reaching a favorable level since the fourth quarter of 2019. This supports the possibility of no interest rate hikes and is positive for cryptocurrencies.
The benchmark 10-year Treasury yields dropped by 5 basis points to 4.936%. The US dollar index continues its decline, which is also linked to the PCE data.
<img decoding="async" class="size-full wp-image-270538 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/DXY_2023-10-26_15-52-03.png" alt="" width="1815" height="847">
Here’s some more good news. The probability of interest rates remaining unchanged is 99.8%. For the December 13th meeting, the probability of interest rates staying the same is 71.4%. This indicates that unless there is a major surprise, the Fed has declared its interest rate ceiling with the latest hike.
<img decoding="async" class="size-full wp-image-270540" src="https://coin-turk.com/wp-content/uploads/2023/10/FEDWATCH-1-Kasim.png" alt="" width="1515" height="617"> Continue Reading: <a href="https://en.coin-turk.com/the-impact-of-us-data-on-crypto-investors-will-it-halt-the-rise-in-bitcoin-price/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/the-impact-of-us-data-on-crypto-investors-will-it-halt-the-rise-in-bitcoin-price/</a>

The Impact of US Data on Crypto Investors: Will it Halt the Rise in Bitcoin Price?

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