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Bitcoin’s Price Continues to Gain Despite Negative GDP Report and Recession Fears

Daily Market Wrap

  • Crypto market cap: 1.09 trillion, down 0.92%

  • BTC price stands at USD 23,427, down 1.59%

  • ETH price stands at USD 1,696, down 0.07%

  • Top gainer: Filecoin (FIL), up 23.20%

  • Top loser: Bitcoin Gold (BTG), down 13.12%

News of the Day

Why it matters:

  • According to’s GDP report released on Thursday, the U.S. Gross Domestic Product (GDP) declined by 0.9% in the second quarter of 2022

  • The GDP result in Q1 2022 also showed negative growth, with a decline of 1.6%; given the two consecutive quarters of negative GDP growth, the United States is technically in a recession

  • Bitcoin’s (BTC) price continued its uptrend momentum on Thursday, up 4% despite the release of a negative U.S. GDP report

  • Ether’s (ETH) price also increased on Thursday, rising by another 9% after Wednesday’s 16% jump

Crypto Daily Spotlight

Brief introduction: Ethereum Classic (ETC) is a decentralised, blockchain-based, open-source computing platform, as well as a cryptocurrency. In terms of basic functionalities, ETC and ETH are the same. In July 2016, the Ethereum network hard forked into two blockchains: Ethereum and Ethereum classic. This is because attackers exploited flaws in Ethereum’s smart contract code on an application called The DAO. As a result, the Ethereum Foundation voted in a hard fork to roll back all DAO-related transactions and allow the DAO’s original contributors to reclaim funds. While most supported the Ethereum hard fork, some chose to continue running the original Ethereum blockchain, which is now referred to as Ethereum Classic. Ethereum Classic developers can still create ERC-20 tokens for their applications. However, Ethereum Classic’s primary difference is that it is incompatible with updates on the Ethereum blockchain.

Why it matters:

  • Over the past two weeks, the $ETC token is up 190% as more miners move from Ethereum (ETH) to Ethereum Classic (ETC), resulting in popularity and price upswing

  • $ETC’s price surge coincidentally began to take off after Vitalik Buterin, Ethereum’s founder, encouraged users and developers last week to migrate back to his original creation, which is Ethereum Classic, if they were not convinced by the upcoming Merge

  • “It’s a very welcoming community,” Buterin said at the Paris conference, “if you like proof of work, you should go use Ethereum Classic, it’s a totally fine chain.”

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