Crypto Index Tracker: Crypto Markets Ascend Despite Negative GDP Growth
- By Bilal Hafeez and Dalvir Mandara
- 3 min read
Crypto markets have continued their ascent despite negative GDP numbers coming out of the US. Data released on Thursday showed GDP fell by 0.9% on an annualised basis in the second quarter of 2022 – this marks the second consecutive quarter of negative GDP growth which is one definition of a recession. Bitcoin is currently trading at around $23,700 – up around 3% over the past seven days. But ethereum has been outperforming as developers revealed a tentative date for the merge (19 September).
As for our various indices – they are all in the green (except for our Metaverse Index which is flat) (Charts 1 and 2). Our DeFi Index is up the most at 10%. All remaining indices are up between 3% and 5% each.
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