Arguments prevail amongst the political leaders in America about whether the economy is in recession or not. Negative growth for two subsequent quarters is fueling this argument. As of now, BTC is holding good at USD 19K.
For the past 103 days, it is observed that Bitcoin was trading between USD 24.3K and USD 17.6 K, and it continued wobbling within the narrow range on September 29 as well. Wall Street put out official data claiming the US economy to be in recession.
BTC Meeting U.S Standard for Recession
Cointelegraph M. Pro and Trading View data show Bitcoin/ $ to be around USD 19K.
The pair pictures a very gloomy figure for the U.S. The forecast for the 2 quarter gross GDP is -0.6 percent, meeting the United States specification for recession. This is the second subsequent quarter of poor growth.
The kobeissi letter talks of recession as a normal process in the economy.
Robin Brooks, warns about Eurozone being hit shortly by recession studying consumer confidence data. Robin Brook is the chief economist in IIF.
With 2 quarters in negative as well, the US White House stated that this is not the definition of recession leading to further confusion as to what recession constitutes, as seen since the beginning of the year.
Bank of England’s sudden intervention in the bond market of the U.K and returning to the QE method, a move which reminds us of the atmosphere around the time of BTC’s birth.
With monthly closure just 1 day away, BTC prices have managed to avoid volatile fluctuation.
On-Chain Analytics data shows not much of a reason to celebrate even though the GDP of -0.6 percent was much better than the projected -0.9 percent.
The market is yet to bottom out. Predictions of stronger rate hikes can be expected in quarter 4 well into 2023.
