Bitcoin Holds Steady as US GDP Grows Modestly in Q1
TL;DR Summary
Bitcoin remains steady above $29,500 as investors weigh sluggish U.S. economic growth data and the latest banking sector woes. The largest cryptocurrency by market capitalization was recently trading at around $29,600, up about 4% over the past 24 hours. Bob Baxley, CTO at DeFi platform Maverick Protocol, said that bitcoin’s performance in recent days reflects investors’ confidence in the crypto’s ability to hold value even during unsettling events. Baxley noted that BTC, ETH and other major digital assets rose Wednesday just hours after embattled regional bank First Republic’s shares plummeted by nearly 50%.
- Bitcoin Circles Above $29.5K as Investors Weigh Sluggish GDP, Latest Banking Woes CoinDesk
- GDP Report: US Economy Grew at 1.1% Rate in Q1 The New York Times
- Low Expectations Guide Bond Market's Reaction to GDP Numbers The Wall Street Journal
- Gold prices post a modest climb, but hold below $2,000 an ounce after U.S. GDP data MarketWatch
- U.S. GDP rose at a 1.1% pace in the first quarter CNBC Television
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