Bitcoin (BTC) drooped but was still trading comfortably over $20,000 as investors chewed over a surprising gain in the latest U.S. GDP report. The U.S. Commerce Department reported that gross domestic product rose 2.6% in the third quarter, instead of the projected 2.4% gain. The increase followed two consecutive declines that, according to traditional definitions, placed the economy in a recession and suggested the contraction would heighten. Central bankers have been trying to tame inflation without casting the economy into a steep recession. The latest GDP suggested their monetary hawkishness has yet to have a full impact. On Tuesday BTC topped $20,000 for the first time since Oct. 5.
Source: https://www.coindesk.com/markets/2022/10/27/market-wrap-bitcoin-holding-steady-over-20k-ether-is-flat-dogecoin-soars/?utm_medium=referral&utm_source=rss&utm_campaign=headlines