Key Points
- Bitcoin price surged near $65,000 today, amidst optimistic US economic data.
- Q2 GDP confirms higher economic growth compared to Q1.
Today, September 26, Bitcoin recorded a significant price surge. At the moment of writing this article, BTC is trading near $65,000, up by 2% in the past 24 hours.
The price rise for the digital asset comes following an earlier price drop to $62,000 levels, earlier today.
Bitcoin’s price rally debuted during the past week, ahead of the US FOMC meeting, and continued after the Federal Reserve decided to slash interest rate cuts by 50 bps.
Today, economic data in the US delivered optimistic results.
US Economy Grew at a 3% Annualized Pace in Q2
According to official data, the US economy showed stronger growth than Wall Street expected.
The Bureau of Economic Analysis’s third estimate of the second quarter domestic product (GDP) was unchanged from the second estimate which showed a 3% annualized growth.
Economists previously estimated a 2.9% reading for the annualized growth, but the third estimate for Q2 regarding GDP confirms that economic growth was higher compared to the 1.4% annualized growth in Q1 2024.
Oxford Economics deputy chief economist Michael Pearce wrote in a note to clients today, that the revisions only strengthen their conviction that the US economy will continue to expand at a decent price over the coming year.
This suggests that labor market conditions are unlikely to deteriorate significantly from here on, he said.
Today’s Unemployment Claims Fall Below Expectations
It’s also worth noting that data from the US Labor Department released today, showed 218,000 unemployment claims for the previous week, below Wall Street’s expectations of 223,000.
The results marked the lowest level of weekly claims since the middle of May.
Last week, following the rate cut decision, the Fed Chair, Jerome Powell, said that the US economy is growing at a solid pace and inflation is coming down.
