• The US GDP in Q4 2022 rose to 2.9%, exceeding the market expectation of 2.6%.
• The current data indicates that the US economy continues to grow, albeit at a slower pace than the third quarter.
• The positive news has been bullish for Bitcoin and the broader crypto market, with the BTC price already up by 33% in January.
The US economy has seen a positive development this week as the GDP number for the fourth quarter of 2022 was unveiled. The data showed that the US GDP rose to 2.9%, exceeding the market expectation of 2.6%. This positive news has been welcomed by economists as it indicates that the US economy is continuing to grow, albeit at a slower rate than the third quarter, when the GDP grew by 3.2%.
The news has been particularly bullish for the crypto market, with the Bitcoin (BTC) price already up by 33% in January. The BTC price also surged past $23,000 earlier this month, however, this has proven to be a resistance zone. The Bitcoin Fear and Greed Index has also jumped to 55/100, which is the highest since March 2022. This is easing the contagion risk from the crypto space and could be a positive sign for the industry going forward.
Investors have also been keeping closer attention to the developments taking place in the US economy. This is due to the fact that the US GDP data is often seen as a bellwether for the global economy. As such, the positive news from the US GDP could be a sign that the global economy is also improving and could support the Bitcoin rally.
Moreover, the news could also be beneficial for the broader crypto market. With the BTC price already making gains, other digital assets could also benefit from the optimism brought by the GDP numbers. This could mean more investments coming into the crypto space, thus, providing further support for the industry.
Overall, the US GDP data has been a much-needed boost for the Bitcoin and the crypto industry. Investors have been keeping a close eye on all the developments in the US economy, and the positive GDP numbers could be a sign of investor optimism. This could support the Bitcoin rally going forward and could also benefit the entire crypto space.