Bitcoin Fails to Capitalize on Weaker US GDP Growth

Bitcoin's brief surge to $65,071 on Thursday was short-lived as it failed to capitalize on the weaker-than-expected US GDP growth rate of 1.5% annualized in the second quarter.

The missed forecast initially offered a favorable setup for Bitcoin as weaker growth can increase pressure on the Federal Reserve to ease monetary policy.

However, strong consumer spending and persistent inflation provided little evidence that lower interest rates were approaching.

According to Joseph Brusuelas, principal and chief economist at RSM US, 'once one looks beneath the topline, growth looks much firmer and inflationary.'