Bitcoin and tech stocks fall after U.S. GDP data
After the release of strong US GDP data and cooling personal consumption expenditure (PCE) inflation data on Thursday, Bitcoin and technology stocks fell further. After Thursday's opening, the technology-heavy Nasdaq Composite Index fell 215.43 points, or 1.246%, to 17,126.98 points, while the SP 500 Index fell 21.93 points, or 0.4%. Bitcoin also failed to reverse its recent downward trend, with trading remaining flat over the past 24 hours, staying in the $64,000 range. In addition, according to the FedWatch tool from the Chicago Mercantile Exchange (CME), the probability of a rate cut in September by interest rate traders has been raised to 85.7%.
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