Bitcoin and tech stocks fell in tandem after U.S. GDP data was released
2024-07-25 15:16:21
Bitcoin fell further along with tech stocks following the release of strong U.S. GDP data and cooling personal consumption expenditures (PCE) inflation data on Thursday. The tech-heavy Nasdaq Composite fell 215.43 points, or 1.246 percent, to 17,126.98 after the opening bell on Thursday, while the Standard & Poor's 500 index fell 21.93 points, or 0.4 percent. Bitcoin has also failed to reverse its recent decline, trading flat over the past 24 hours, essentially remaining in the $64,000 range. Additionally, rate traders raised the likelihood of a rate cut in September to 85.7 percent, according to the Chicago Mercantile Exchange's (CME) FedWatch tool.
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