Top Highlights

• Bitcoin and the broader cryptocurrency market are choppy ahead of the release of finalized U.S. gross domestic product data later today. The vast majority of the assets in the top 100 coins by market cap are trading in the red.
• The finalized gross domestic product data for the U.S.—the biggest indicator of whether the economy is growing or declining—is expected to show 1.3% growth. This figure is important as it plays a pivotal role in the Federal Reserve’s decision to cut rates.
• A strong GDP figure would likely bolster the Fed’s resolve to leave rates unchanged. Conversely, a weak GDP figure would likely speed up the process of interest rate cuts.
• Earlier this month, commentary from the Federal Reserve indicated that the Fed is likely to cut rates only once this year.
• As June draws to a close, the month has not been kind to the leading cryptocurrency, as BTC is down roughly 10% month-to-date.

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