- Reported that the U.S. third-quarter GDP growth rate recorded 4.3% and Bitcoin-related stocks fell across the board.
- Said that higher-than-expected economic growth weakened expectations for benchmark rate cuts, which dampened Bitcoin investment sentiment.
- Reported that Standard Chartered lowered next year's Bitcoin target from 300,000 dollars to 150,000 dollars.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Weakened expectations for rate cuts dampen market
Bitcoin-related stocks fell across the board on news that the U.S. third-quarter gross domestic product (GDP) growth rate recorded 4.3%.
On the 23rd (local time) at the New York Stock Exchange, Coinbase Global closed at 242.3 dollars, down 2.26%. Coinbase is the world's 5th largest crypto exchange by trading volume. Robinhood, which provides stock and crypto trading services, also fell 1.74%. On the same day, the Bitcoin price fell about 0.2% over 24 hours on Binance, the world's largest crypto exchange. As the U.S. GDP growth exceeded expectations, forecasts for benchmark rate cuts weakened, curbing hopes for liquidity expansion and dampening Bitcoin investor sentiment, analysts say.
Companies that hold crypto assets and are directly exposed to the Bitcoin price experienced larger declines than exchanges. Strategy (formerly MicroStrategy), which holds 670,000 Bitcoins, fell 3.92%, while Marathon Holdings (-2.67%) and Bitmain (-4.21%) also declined. Bitcoin-related stocks have fallen 29.99% since their peak on October 8. This reflects weakened expectations for rate cuts and a slowdown in institutional fund inflows in the second half of this year. Standard Chartered, the UK-based global investment bank that once advocated a strongly bullish view on Bitcoin, also cut its Bitcoin target for next year from 300,000 dollars to 150,000 dollars.
Reporter Jeon Beom-jin forward@hankyung.com
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