The United States’ real gross domestic product (GDP) increased at an annual rate of 2.4 during the second quarter of 2023 compared to the same time last year, according to an advance estimate released by the Bureau of Economic Analysis. Notably, the increase in real GDP reflected an increase in consumer spending, non-residential fixed investment, state and local government spending, private inventory investment, and federal government spending that were partly offset by decreases in exports and residential fixed investment.
Interestingly, the current-dollar personal income increased by $236.1 billion in the second quarter, compared with an increase of $278.0 billion in the first quarter. Personal savings in the United States was $869.5 billion in the second quarter, compared with $840.9 billion in the first quarter.
What the Real US GDP Means for Crypto Market Outlook
The cryptocurrency market is significantly impacted by the United States’ economic outlook. Moreover, the United States is the world’s largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP). According to estimates provided by the International Monetary Fund (IMF), the United States accounts for about 25 percent of global economic activities. As a result, most cryptocurrency projects would like to obtain licensing rights from various states.
Bitcoin Price Action
Bitcoin price continued to roll higher after rebounding from trading below $29k earlier this week. According to a bullish crypto analyst Michaël van de Poppe, Bitcoin has a higher chance of revisiting $30k amid high-impact news, but it should not surprise traders if a sep to the low occurs
#Bitcoin rejects at the crucial area at $29,700.
Today and tomorrow are more important.
GDP & PCE.
If numbers are fine, we’ll blast through $30K, but in order to do that, I wouldn’t be surprised by taking the lows. pic.twitter.com/inMw1xEWo8
— Michaël van de Poppe (@CryptoMichNL) July 27, 2023
Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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