On Thursday, BTC experienced a slight dip in value during morning trading in the U.S. following the release of underwhelming first quarter GDP growth and disappointing personal consumption data by the Commerce Department. However, it quickly rebounded afterwards.
The Federal Reserve will have no choice but to revert to quantitative easing in the face of a recession and political gridlock. What does this signify for cryptocurrencies such as bitcoin?
According to a Gallop poll released on May 2, the public's trust in America's current economic leaders is eroding. Confidence in US President Joe Biden's ability to manage the US economy has fallen from 57 percent to 40 percent, while belief in Federal Reserve Chair Jerome Powell has fallen from 55 percent to 43 percent. The April 2022 Gallop survey, released during the country's worst inflationary strain in decades, suggests that faith in economic leaders is at its lowest position since 2008.