Bitcoin and the broader financial markets faced a downturn as the United States’ Gross Domestic Product (GDP) revealed sluggish growth in the first quarter of 2024, casting a shadow on investor confidence. With the first quarter GDP figures falling short of expectations at a 1.6% annualized pace, concerns about inflationary pressures loom large, amplifying market volatility.
US GDP Grows 1.6% In Q1
The latest data from the Bureau of Economic Analysis paints a somber picture of the US economy, with first-quarter U.S. GDP growth clocking in at a modest 1.6%, well below the anticipated 2.5%. A commentary by The Kobeissi Letter underscored the severity of the situation, highlighting a worrying juxtaposition of weakening economic growth and surging inflation.
Meanwhile, the Core PCE Price Index witnessed a substantial jump from 2.0% to 3.7%, far surpassing estimates, while the PCE inflation data surged from 1.8% to 3.4%, stoking fears of an impending hawkish stance from the Federal
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