The technical recession is a fact, a fall of 0.9% of the US gross domestic product in the second quarter has been confirmed. In the first quarter of the year, it had already fallen by 1.6% and growth of 0.3% was expected for this quarter. The data shows a small slowdown in the decline but is worse than expected. Even so, it seems that the markets have already discounted that from the price because they continue to maintain the directionality of the previous days.
It seems that Bitcoin is heading for a positive month-end after three months of losses (-37% in June, -15% in May, and -17% in April) as well as Ethereum, which has risen 51% this month (-44% June, -18% May and -16% in April). At the moment no more news about monetary policies is expected until September when we will have another FED meeting on interest rates.
*Image from CoinMarketCap*
Despite everything, the monthly closing must be taken into account since it can bring massive liquidations. We will be very aware of the closing of the markets today and the evolution of the cryptocurrency market during the weekend.
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