{"id":911,"date":"2022-07-29T03:19:20","date_gmt":"2022-07-29T03:19:20","guid":{"rendered":"https:\/\/cryptoteambuild.com\/blog\/bitcoin-and-ethereum-pump-above-10-despite-negative-u-s-gdp-report\/"},"modified":"2022-07-29T03:19:20","modified_gmt":"2022-07-29T03:19:20","slug":"bitcoin-and-ethereum-pump-above-10-despite-negative-u-s-gdp-report","status":"publish","type":"post","link":"https:\/\/cryptoteambuild.com\/blog\/bitcoin-and-ethereum-pump-above-10-despite-negative-u-s-gdp-report\/","title":{"rendered":"Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report"},"content":{"rendered":"<div>\n<div>\n<p>Summary: <\/p>\n<ul>\n<li>Leading cryptocurrency Bitcoin traded higher than $23K on Thursday.<\/li>\n<li>The top coin enjoyed a slight rally following Wednesday&rsquo;s FOMC meeting.<\/li>\n<li>America&rsquo;s Q2 GDP report was also released with the figure at -0.9%.<\/li>\n<li>The number signaled a recession per technical definition although authorities opined differently.<\/li>\n<li>Crypto coin prices flashed green regardless of the news with market leaders Bitcoin and Ethereum both in double-digit gains.<\/li>\n<li>The total crypto market cap is also above $1.1 trillion at press time.<\/li>\n<li>Major alts like Solana are up in gains as well.&nbsp;<\/li>\n<\/ul>\n<p>Bitcoin stayed green on Thursday after the U.S. GDP report revealed negative numbers and the federal reserve <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-falls-below-22000-ahead-of-fomc\/\">hiked rates by 75 basis points<\/a> on Wednesday. Numbers from the Q2 GDP report stood at -0.9%, signaling that America is indeed in a <a href=\"https:\/\/www.forbes.com\/sites\/jonathanponciano\/2022\/07\/28\/gdp-flashes-recession-warning-sign-economy-shrank-09-last-quarter-as-experts-warn-worse-to-come\/\" rel=\"noopener\">recession<\/a> despite counter-arguments from government officials.&nbsp;<\/p>\n<p>According to the technical definition, a recession is in play if the Gross Domestic Product report for two consecutive quarters comes out as negative. Indeed, the reports for Q1 and Q2 2022 were reportedly negative.<\/p>\n<p>Reports also claim that U.S. authorities attempted to downplay an imminent recession by tweaking the technical definition of a recession. The news triggered mixed reactions on Twitter, with some users calling out such actions.&nbsp;<\/p>\n<figure><\/figure>\n<p>However, rhetoric from the White House maintained that the government does not see a recession and that multiple sectors of the economy remain strong. These comments were echoed by Karine Jean-Pierre, one of President Joe Biden&rsquo;s spokespersons, at a recent press conference.&nbsp;<\/p>\n<figure>\n<div>\n<blockquote data-dnt=\"true\" data-width=\"550\">\n<div dir=\"ltr\" lang=\"en\">\n<p>Doocy: &#8220;If things are going so great, why are White House officials are redefining recession?&#8221;<\/p>\n<p>Jean-Pierre: &#8220;We are not.&#8221;<\/p>\n<p>Doocy: &#8220;It&#8217;s two consecutive quarters of negative GDP growth&hellip; How is that not redefining recession?&#8221;<\/p>\n<p>Jean-Pierre: &#8220;That&#8217;s not the definition.&#8221; <a href=\"https:\/\/t.co\/eyyvYdZWMj\" rel=\"nofollow\">pic.twitter.com\/eyyvYdZWMj<\/a><\/p>\n<\/div>\n<p>&mdash; Greg Price (@greg_price11) <a href=\"https:\/\/twitter.com\/greg_price11\/status\/1552396404240310274?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">July 27, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h2> Crypto Market Pumps With Bitcoin And Ethereum In Double-Digit Gains<\/h2>\n<p>Following the FOMC meeting and GDP report, cryptocurrency prices stayed in green with multiple tokens pumping. The top coin BTC was above the $23,000 level at press time and up over 10% at press time.&nbsp;<\/p>\n<figure><img decoding=\"async\" alt=\" Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report 16\" height=\"518\" loading=\"lazy\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-28_17-10-50.png\" title=\" Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report 20\" width=\"851\"><figcaption>Bitcoin (BTC) Daily Chart (Source: TradingView)<\/figcaption><\/figure>\n<p>Altcoin leader <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-surpasses-bitcoin-in-futures\/\" rel=\"noreferrer noopener\" target=\"_blank\">Ethereum<\/a> (ETH) broke above $1700 amid major updates regarding <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-merge-september-19-tentative\/\" rel=\"noreferrer noopener\" target=\"_blank\">The Merge<\/a>. ETH gains over the past 24 hours crossed double digits and the asset was up over 15%.<\/p>\n<p>Ethereum competitor <a href=\"https:\/\/en.ethereumworldnews.com\/solana-to-venture-into-smartphones-with-a-focus-on-web3-mobile-apps\/\" rel=\"noreferrer noopener\" target=\"_blank\">Solana<\/a> was not left out of Thursday&rsquo;s pump as SOL moved beyond $40 dollars and gained more than 12% in the past day. Other tokens across the broader cryptocurrency market also flashed green and the total crypto market cap sat above $1.1 trillion at press time.&nbsp;<\/p>\n<div>\n<figure><img decoding=\"async\" alt=\" Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report 17\" height=\"518\" loading=\"lazy\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETHUSDT_2022-07-28_17-11-00.png\" title=\" Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report 21\" width=\"851\"><figcaption>Ethereum (ETH) Daily Chart (Source: TradingView)<\/figcaption><\/figure>\n<\/div>\n<div>\n<figure><img decoding=\"async\" alt=\" Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report 18\" height=\"518\" loading=\"lazy\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/SOLUSDT_2022-07-28_17-11-09.png\" title=\" Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report 22\" width=\"851\"><figcaption>Solana (SOL) Daily Chart (Source: TradingView)<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-above-23000-negative-gdp-report\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Leading cryptocurrency Bitcoin traded higher than $23K on Thursday. The top coin enjoyed a slight rally following Wednesday&rsquo;s FOMC meeting. America&rsquo;s Q2 GDP report was also released with the figure at -0.9%. The number signaled a recession per technical definition although authorities opined differently. Crypto coin prices flashed green regardless of the news with market leaders Bitcoin and Ethereum both in double-digit gains. The total crypto market cap is also above $1.1 trillion at press time. Major alts like Solana are up in gains as well.&nbsp; Bitcoin stayed green on Thursday after the U.S. GDP report revealed negative numbers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[18,136],"_links":{"self":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/911"}],"collection":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/comments?post=911"}],"version-history":[{"count":0,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media\/912"}],"wp:attachment":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media?parent=911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/categories?post=911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/tags?post=911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}