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Bitcoin touches $24,000 and Ethereum hits $1,700 after announcing the second consecutive decline in US GDP.

Bitcoin touches $24,000 and Ethereum hits $1,700 after announcing the second consecutive decline in US GDP.

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Answer Bitcoin touches $24,000 and Ethereum hits $1,700 after announcing the second consecutive decline in US GDP.

The US economy has just entered a recession, while Bitcoin and Ethereum are starting to rise.

Bitcoin and Ethereum rose after the US Bureau of Economic Analysis released official GDP data for the second quarter of 2022.

The data shows that real GDP fell 0.9% year-on-year, marking the second consecutive quarter of negative GDP growth in the country.

Bitcoin was trading for about $22,700 before the data was released at 08:30 EST.

Meanwhile, Ethereum was trading at around $1,630.

Then both pieces began to rise over the following hours.

Read:Bloomberg partners with Galaxy Digital to launch an index that tracks the DeFi market

Both have risen to $23,900 and $1,720 respectively at the time of writing, after Bitcoin has already tested the $24,000 level.

It can be said that the rise of Ethereum is driven by the upcoming Merge upgrade, which will take its consensus mechanism from Proof of Work to Proof of Stake.

The rally comes after a somewhat bullish reaction to the Federal Reserve’s 75 basis point interest rate hike on Wednesday, which has traditionally been seen as bearish for cryptocurrencies and stocks.

According to definitions and measurements common in many countries, two consecutive quarters of negative GDP means that a country has technically entered a recession.

The White House denies that the US economy has entered such a state, claiming that recessions are determined by a more comprehensive look at the data.

Read:NEO Founder: We Aim to Be Different from Bitcoin and Ethereum

When asked at a news conference on Wednesday, Federal Reserve Chairman Jerome Powell said he doesn’t think the economy is in a recession.

Read also:

US Dollar Index Shows Signs of Weakness… Is It Time for Crypto Rise?

Liquidation of $ 400 million after Bitcoin rose to a weekly high


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