Bitcoin Stable at $23K as Q4 2022 US GDP Beats Expectations

The world’s largest economy just announced the GDP figures for the latest quarter of 2022, showing moderate but declining growth compared to Q3.

Unlike most previous statements coming from the US, this one brought little-to-no immediate volatility to the crypto market, with BTC still standing above $23,000.

• The overall expectations ahead of the Q4 2022 GDP numbers claimed that the economic growth in the country slowed down during the last three months of last year. Q3 saw an increase of 3.2%, while the estimations now suggested 2.6% for Q4.
• Despite the Halloween and Christmas Holidays, retail sales had declined, showing reduced confidence among consumers.
• However, the actual numbers were slightly higher – at 2.9%, instead of the estimated 2.6%. Thus, growth indeed slowed down in Q4 but not as much as expected.
• The jobless claims were lower than the estimated – 186,000 versus 205,000.
• Being the largest economy in the world, almost any data typically results in immediate volatility for the stock and crypto markets. While the former is yet to open in the States, the latter reacted with minor price movements, at least for now.
• Bitcoin stood at $23,200 after yesterday’s enhanced fluctuations, and it slipped by a few hundred dollars after the numbers came out. However, it recovered almost all losses rather quickly, and trades above $23,000 as of writing these lines.

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