Bitcoin price slips below $19,000 as official data confirms US recession
Politicians continue to question whether the U.S. economy is in recession, even as data highlights two straight quarters of negative growth. Meanwhile, BTC holds $19,000, for now.
Market Update
Bitcoin (BTC) wobbled in its tight trading range at the September 29 Wall Street open, as official data pushed the US economy into recession.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD still sitting just above $19,000 at the time of writing.
The pair held off dismal numbers for the US, with Q2 gross domestic product (GDP) growth estimated at -0.6%. This, despite White House protests to the contrary, meant that the United States met the standard criteria for a recession - two consecutive quarters of negative growth.
"Everyone talks about recessions as if they were never going to happen," reacted financial commentator The Kobeissi Letter.
"Any healthy long-term economy will have many recessions. If you never have a recession, you just have a bubble. In this case, we just have a bubble and a recession. Fake markets don't work. "
Analyzing the situation in Europe, Robin Brooks, chief economist at the Institute of International Finance (IIF), warned that a "deep" recession was also about to hit the euro zone due to data on consumer confidence.
"With the second quarterly G...
Politicians continue to question whether the U.S. economy is in recession, even as data highlights two straight quarters of negative growth. Meanwhile, BTC holds $19,000, for now.
Market Update
Bitcoin (BTC) wobbled in its tight trading range at the September 29 Wall Street open, as official data pushed the US economy into recession.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD still sitting just above $19,000 at the time of writing.
The pair held off dismal numbers for the US, with Q2 gross domestic product (GDP) growth estimated at -0.6%. This, despite White House protests to the contrary, meant that the United States met the standard criteria for a recession - two consecutive quarters of negative growth.
"Everyone talks about recessions as if they were never going to happen," reacted financial commentator The Kobeissi Letter.
"Any healthy long-term economy will have many recessions. If you never have a recession, you just have a bubble. In this case, we just have a bubble and a recession. Fake markets don't work. "
Analyzing the situation in Europe, Robin Brooks, chief economist at the Institute of International Finance (IIF), warned that a "deep" recession was also about to hit the euro zone due to data on consumer confidence.
"With the second quarterly G...
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