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For a brief while on Thursday, Bitcoin (BTC) dropped below $63,000 as other cryptocurrencies crashed in reaction to fresh information showing weaker first-quarter GDP growth and greater inflation in the US. 
As per the the U.S. government’s preliminary report for the first quarter, GDP growth of merely 1.6%, extremely below analysts’ expectations of 2.5%. Additionally, it is a decrease from the 3.4% seen in the fourth quarter of 2023. 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/AUdwT_ByokLf8YSyn0ae48SAts87QMKdWMxbD3GGtRTK1xcYj1ZsDPM92uflzlYwJ8Gt-UbToKl3HDA78Tk7pQ4Zu56GUYn_xC3PrponQdHA7rTiY3Nlv4_TJMGCW9IvMLKm33e-W0LocVokWExNRbo" alt="AUdwT ByokLf8YSyn0ae48SAts87QMKdWMxbD3GGtRTK1xcYj1ZsDPM92uflzlYwJ8Gt UbToKl3HDA78Tk7pQ4Zu56GUYn xC3PrponQdHA7rTiY3Nlv4 TJMGCW9IvMLKm33e">
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In the meantime, the GDP price index increased from 1.6% in the previous quarter to 3.1%, which was a little hotter than anticipated. 
Investor sentiment soured following a disappointing inflation report, dampening expectations for interest rate cuts this year and leading to a sell-off in risk assets across global markets. 
The S&amp;P 500 and Nasdaq opened nearly 2% lower, while the 10-year U.S. Treasury bond yield surged 8 basis points to 4.73%, marking its highest level since November. 
At one point, Bitcoin fell more than 4%, reaching a low of $62,800 before most recently rising to $63,700. In the same time frame, Ether (ETH) had a 4% decline and traded at roughly $3,100. 
The native currencies of the layer-1 networks Solana (SOL), Avalanche (AVAX), and Aptos (APT) led a further decline in altcoin majors, falling 8%–9% before partially recovering.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/21/deutsche-bank-bullish-on-bitcoin-post-halving-jpmorgan-skeptical/" data-wpel-link="internal">Bitcoin Price Projections: JPMorgan vs Deutsche Bank</a> 
</blockquote>

Bitcoin Price Drops Below $63K Amid US GDP Concerns

The Crypto Times

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