The U.S. Commerce Department's Bureau of Economic Analysis announced that the gross domestic product expanded in Q4 2022 at an annual rate of 2.9%, adjusted for inflation, crypto media outlet BeInCrypto reported on January 26.

Although the number reports a decrease from 3.2% in the third quarter, it is higher than the 2.6% forecasted.

Consumer spending and inventory investment made the largest contributions to economic growth, while corporate investment made the smallest contributions to GDP. Housing-related investments decreased. Equity markets first reacted to the report with a more mixed reaction but later were optimistic. The Dow Jones Industrial Average (DJIA) and S&P 500, which have significant technology components, recently increased by 0.9% and 0.5%, respectively, while the tech-heavy Nasdaq Composite increased by 1.5%.

Following the publication of the data, cryptocurrency markets also increased somewhat, but likely inadvertently, given how much they did. After the news, Ethereum gained 0.24% and Bitcoin 0.2%, respectively. The total value of the cryptocurrency market increased by 3.1% on the previous day to $1.09 trillion.

Overall, the crypto market signal mild growth for the coming months.

Source: BEINCRYPTO