Connect with us

International

Bitcoin price slips below $19,000 as official data confirms US recession

Bitcoin price slips below $19,000 as official data confirms US recession

 


Bitcoin (BTC) wobbled in its narrow trading range during the September 29 Wall Street open as official data put the US economy into recession.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewU.S. meets the technical definition of recession

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD still hovering just above $19,000 at the time of writing.

The pair held off dismal numbers for the US, with second-quarter gross domestic product (GDP) growth estimated at -0.6%. This, despite protests from the White House to the contrary, meant that the United States met the standard recession criteria for 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 eurozone due to data on consumer confidence. consumers.

“With the negative second quarterly revision of GDP, […] the White House has said that’s not the definition of a recession,” the popular Unusual Whales Twitter account continued on the confusion over what constitutes a recession that began earlier this year.

“Rather, they are advocating the NBER, which is ‘a significant drop in economic activity spread across the economy and lasting for more than a few months’.”

The event follows the Bank of England’s heavy-handed intervention in the UK bond market, reverting to quantitative easing (QE) in a move reminiscent of the atmosphere when Bitcoin was born.

$19,000 seems unstable

Bitcoin’s price action nonetheless managed to avoid any significant volatility as the numbers poured in, even with the monthly close just one day away.

Related: Bitcoin’s ‘Great Detox’ Could Trigger BTC Price Drop to $12,000: Research

At the time of writing, BTC/USD was attempting to break through the $19,000 support.

Noting that the -0.6% GDP result was better than the -0.9% forecast, on-chain analysis resource Material Indicators nevertheless had no cause for celebration.

Along with a screenshot of the BTC/USD order book on Binance, Material Indicators warned that the market bottom was “not reached”.

“A strong economic report means the Fed’s tightening hasn’t had much impact yet, if any. Translation: more aggressive rate hikes through the fourth quarter and into 2023,” he said. he predicts in part of the accompanying commentary.

Chart of BTC/USD order book data (Binance). Source: Materials Indicators/Twitter

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Sources

1/ https://Google.com/

2/ https://cointelegraph.com/news/bitcoin-price-slips-under-19k-as-official-data-confirms-us-recession

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]