{"id":573816,"date":"2022-07-28T17:16:17","date_gmt":"2022-07-28T16:16:17","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=573816"},"modified":"2022-07-28T17:32:03","modified_gmt":"2022-07-28T16:32:03","slug":"bitcoin-above-23000-negative-gdp-report","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-above-23000-negative-gdp-report\/","title":{"rendered":"Bitcoin And Ethereum Pump Above 10% Despite Negative U.S. GDP Report"},"content":{"rendered":"\n<p>Summary:<\/p>\n\n\n\n<ul><li>Leading cryptocurrency Bitcoin traded higher than $23K on Thursday.<\/li><li>The top coin enjoyed a slight rally following Wednesday&#8217;s FOMC meeting.<\/li><li>America&#8217;s Q2 GDP report was also released with the figure at -0.9%.<\/li><li>The number signaled a recession per technical definition although authorities opined differently.<\/li><li>Crypto coin prices flashed green regardless of the news with market leaders Bitcoin and Ethereum both in double-digit gains.<\/li><li>The total crypto market cap is also above $1.1 trillion at press time.<\/li><li>Major alts like Solana are up in gains as well.&nbsp;<\/li><\/ul>\n\n\n\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\n\n\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\n\n\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.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Change definition means no recession <a href=\"https:\/\/t.co\/rvJf7ZgouO\" rel=\"nofollow\">pic.twitter.com\/rvJf7ZgouO<\/a><\/p>&mdash; Patrick Urbainczyk (@UrbainczykSells) <a href=\"https:\/\/twitter.com\/UrbainczykSells\/status\/1552673121693536257?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">July 28, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\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\u2019s spokespersons, at a recent press conference.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Doocy: &quot;If things are going so great, why are White House officials are redefining recession?&quot;<br><br>Jean-Pierre: &quot;We are not.&quot;<br><br>Doocy: &quot;It&#39;s two consecutive quarters of negative GDP growth&#8230; How is that not redefining recession?&quot;<br><br>Jean-Pierre: &quot;That&#39;s not the definition.&quot; <a href=\"https:\/\/t.co\/eyyvYdZWMj\" rel=\"nofollow\">pic.twitter.com\/eyyvYdZWMj<\/a><\/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><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2>Crypto Market Pumps With Bitcoin And Ethereum In Double-Digit Gains<\/h2>\n\n\n\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\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"851\" height=\"518\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-28_17-10-50.png\" alt=\"\" class=\"wp-image-573820\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-28_17-10-50.png 851w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-28_17-10-50-300x183.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-28_17-10-50-770x469.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-28_17-10-50-269x164.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-28_17-10-50-746x454.png 746w\" sizes=\"(max-width: 851px) 100vw, 851px\" title=\"\"><figcaption>Bitcoin (BTC) Daily Chart (Source: TradingView)<\/figcaption><\/figure>\n\n\n\n<p>Altcoin leader <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-surpasses-bitcoin-in-futures\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ethereum<\/a> (ETH) broke above $1700 amid major updates regarding <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-merge-september-19-tentative\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Merge<\/a>. ETH gains over the past 24 hours crossed double digits and the asset was up over 15%.<\/p>\n\n\n\n<p>Ethereum competitor <a href=\"https:\/\/en.ethereumworldnews.com\/solana-to-venture-into-smartphones-with-a-focus-on-web3-mobile-apps\/\" target=\"_blank\" rel=\"noreferrer noopener\">Solana<\/a> was not left out of Thursday&#8217;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\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img width=\"851\" height=\"518\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETHUSDT_2022-07-28_17-11-00.png\" alt=\"\" class=\"wp-image-573821\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETHUSDT_2022-07-28_17-11-00.png 851w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETHUSDT_2022-07-28_17-11-00-300x183.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETHUSDT_2022-07-28_17-11-00-770x469.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETHUSDT_2022-07-28_17-11-00-269x164.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETHUSDT_2022-07-28_17-11-00-746x454.png 746w\" sizes=\"(max-width: 851px) 100vw, 851px\" title=\"\"><figcaption>Ethereum (ETH) Daily Chart (Source: TradingView)<\/figcaption><\/figure><\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img width=\"851\" height=\"518\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/SOLUSDT_2022-07-28_17-11-09.png\" alt=\"\" class=\"wp-image-573822\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/SOLUSDT_2022-07-28_17-11-09.png 851w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/SOLUSDT_2022-07-28_17-11-09-300x183.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/SOLUSDT_2022-07-28_17-11-09-770x469.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/SOLUSDT_2022-07-28_17-11-09-269x164.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/SOLUSDT_2022-07-28_17-11-09-746x454.png 746w\" sizes=\"(max-width: 851px) 100vw, 851px\" title=\"\"><figcaption>Solana (SOL) Daily Chart (Source: TradingView)<\/figcaption><\/figure><\/div>\n\n\n<p><\/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&#8217;s FOMC meeting. America&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":573823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800,947,2],"tags":[108421,83,1322,108243],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573816"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=573816"}],"version-history":[{"count":4,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573816\/revisions"}],"predecessor-version":[{"id":573830,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573816\/revisions\/573830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/573823"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=573816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=573816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=573816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}