If you were wondering what is causing the sudden $BTC price drop. The US first quater report came out today, U.S. economic growth was much weaker than expected to start the year, and prices rose at a faster pace.
Gross domestic product, a broad measure of goods and services produced in the January-through-March period, increased at a 1.6% annualized pace, below the 2.4% estimate.
The personal consumption expenditures price index, a key inflation variable for the Federal Reserve, rose at a 3.4% annualized pace for the quarter, its biggest gain in a year.
“This was a worst of both worlds report – slower than expected growth, higher than expected inflation,” said David Donabedian, chief investment officer of CIBC Private Wealth US.
Also Google & Microsoft Q1 earnings after the markets close today.
Interesting to see what the market will do with this today.