Source: TradingViewBeyond today’s $41.47 million spike in Bitcoin long liquidations, spot volumes have driven the bulk of BTC bullish price action over the past two weeks, which is another positive. BTC/USDT spot and futures cumulative volume delta.Source: TRDR.io Related: Bitcoin macro indicator that predicted 2022 bottom flashes ‘buy signal’Bitcoin buy demand from all angles could provide price supportIn the past two weeks, the Bitcoin market has seen: Spot Bitcoin ETF inflows as of April 29 total $3.02 billion, with BlackRock’s IBIT being a leader among the pack. An April 24 statement from the US Federal Reserve Board of Governors announced that banks can independently and freely move forward with offering crypto-based products and services Investment banking firm Cantor Fitzgerald partnered with SoftBank, Tether and Bitfinex to launch a $3 billion Bitcoin acquisition company called 21 Capital.Another $1.42 billion Bitcoin purchase from Strategy.
Coinbase institutional head of strategy John D’Agostino mentioned that sovereign entities made Bitcoin purchases during the sell-off below $75,000. An increasing number of international companies are copying the “MicroStrategy playbook” by dipping their toes into the Bitcoin treasury game. What is clear is that despite the shrinking US GDP triggering a news headline-driven correction, sustained demand on the buy side and strengthening market structure fundamentals are likely to trump today’s brief downside blip in BTC price.
Following the news, BTC price dropped to an intra-day low of $92,910, while the DOW and S&P 500 fell by 1% and 1.3% respectively. While the GDP figures are shocking at face value, CNBC pointed out that the drop was primarily due to “a surge in imports ahead of President Donald Trump’s tariffs.” Imports are subtracted from GDP, suggesting that the pullback is more transitory than endemic. After an initial 1% price drop, Bitcoin rebounded back to the $94,000 range as crypto and traditional markets digest today’s news headlines.
The story "Bitcoin drops under $93K after US GDP data shows shrinking economy, raising recession alarms" has 342 words across 14 sentences, which will take approximately 2 - 3 minutes for the average person to read.
Which news outlet covered this story?
The story "Bitcoin drops under $93K after US GDP data shows shrinking economy, raising recession alarms" was covered 18 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 37 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
