BTC/USD: Bitcoin Prices Chase $70,000 After US GDP Slows More Than Expected

Rallying crypto prices ignited hopes of another leg higher less than three months after Bitcoin’s record. Is it going to last?

• Bitcoin prices (BTCUSD) surged on Thursday and remained well-bid Friday morning after the latest batch of US data swept financial markets. America’s economy, measured by the gross domestic product, didn’t expand as much as anticipated and the news sent shockwaves across all asset classes. With Bitcoin, the rally was particularly strong — prices jumped 3.5%, from $67,000 to $69,500 per token.
• US GDP growth in the first three months on an annualized pace came in at 1.3%, missing the forecast for 1.6%. What does it mean? American consumers spent less in the January through March period, indicating that there has been a pullback in consumer spending in the face of elevated inflation pressures. And with that comes the uncertainty over the way forward for the US economy.
• In that context, risk-oriented investors chose to park their cash in the riskiest asset of them all. Bitcoin price floated near $68,500 a piece on Friday, some 7% away from its ultimate record high of over $73,000. Also, it’s worth noting that the OG token is about to clock out of May trading with a solid 20% gain, outpacing nearly every other mega-cap asset like some of the tech giants or the broad-based S&P 500 index.