Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 2.76x, against 1.68x for a typical GDP Report release since 2021. Its volume ratio was 1.69x, against a typical 1.94x. That is a strong reaction by this release's own standard. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.
How Bitcoin moved
Bitcoin was at $27,412.10 when the figure came out. Fifteen minutes later it was 0.42% lower, and an hour later 0.05% higher. Its high-to-low range in the hour after was 0.63% of its price, against 0.34% in the hour before.
The release
Released by the Bureau of Economic Analysis on 30 August 2023 at 8:30 AM EDT. The Gross Domestic Product Report came in at 2.1% for 2023 2nd Quarter, against 2.4% in 2023 2nd Quarter. The economy's output is still rising, but more slowly than before.
What made it matter
Since 2021, GDP Report releases in the two weeks before a Fed decision have moved Bitcoin more than those at other times: a median volatility ratio of 2.22x across 16, against 1.61x across 52. This one was not within two weeks of a Fed decision. Its own ratio of 2.76x compares with 1.61x for those, so it moved the price more than its circumstances alone would suggest.
Its record
Across 68 GDP Report releases since 2021, Bitcoin's median volatility ratio is 1.68x.
About Gross Domestic Product Report
The GDP report is one of the BEA's most crucial outputs. It tells us the monetary value of all the finished goods and services produced within a country's borders in a specific time period. GDP gives the public an indication of an economy's size. Moreover, when compared against prior periods, this data can reveal whether the economy is expanding (producing more goods and services) or contracting (registering declining output). The direction of GDP helps central banks determine whether it is necessary to intervene with monetary policy or not.
Disclaimer
The data analysis, forecasted results and projections provided herein are based on historical price action and market trends. While every effort has been made to ensure the accuracy of the information, these predictions are speculative and should not be considered a guarantee of future performance. Market conditions can change rapidly, and past performance is not indicative of future results. Trading and investing involve significant risk, and you should conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not assume any liability for any losses that may result from reliance on this information.
BTC-USDT
Bitcoin
Open
27,701.13Close
27,246.2324h Change
-454.90 (-1.67%)24h High
27,758.4824h Low
27,017.2424h Volume
34,755 BTCUS Gross Domestic Product Report
Bureau of Economic Analysis
30th August, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 27396.49 | 27412.11 | 27396.49 | 27412.10 | 0.06% | 0.06% | 23 BTC |
| During | 27412.10 | 27421.69 | 27407.67 | 27421.69 | 0.03% | 0.05% | 54 BTC |
| 5 Minutes | |||||||
| Before | 27408.97 | 27412.11 | 27390.99 | 27412.10 | 0.01% | 0.08% | 106 BTC |
| During | 27412.10 | 27425.00 | 27395.36 | 27403.87 | -0.03% | 0.11% | 126 BTC |
| 10 Minutes | |||||||
| Before | 27384.12 | 27412.68 | 27384.12 | 27412.10 | 0.10% | 0.10% | 266 BTC |
| During | 27412.10 | 27425.00 | 27337.70 | 27337.71 | -0.27% | 0.32% | 244 BTC |
| 15 Minutes | |||||||
| Before | 27371.17 | 27412.68 | 27371.17 | 27412.10 | 0.15% | 0.15% | 379 BTC |
| During | 27412.10 | 27425.00 | 27292.24 | 27296.39 | -0.42% | 0.48% | 506 BTC |
| 30 Minutes | |||||||
| Before | 27338.52 | 27412.68 | 27318.20 | 27412.10 | 0.27% | 0.34% | 796 BTC |
| During | 27412.10 | 27425.00 | 27292.24 | 27353.64 | -0.21% | 0.48% | 871 BTC |
| 1 Hour | |||||||
| Before | 27380.00 | 27412.68 | 27318.20 | 27412.10 | 0.12% | 0.34% | 1,290 BTC |
| During | 27412.10 | 27464.45 | 27292.24 | 27426.53 | 0.05% | 0.63% | 1,692 BTC |
| 2 Hours | |||||||
| Before | 27434.89 | 27448.86 | 27318.20 | 27412.10 | -0.08% | 0.48% | 2,118 BTC |
| During | 27412.10 | 27464.45 | 27145.23 | 27301.06 | -0.41% | 1.16% | 5,644 BTC |
| 4 Hours | |||||||
| Before | 27435.43 | 27499.00 | 27310.05 | 27412.10 | -0.09% | 0.69% | 4,517 BTC |
| During | 27412.10 | 27464.45 | 27017.24 | 27167.25 | -0.90% | 1.63% | 12,541 BTC |
| 6 Hours | |||||||
| Before | 27431.40 | 27499.00 | 27310.05 | 27412.10 | -0.07% | 0.69% | 6,540 BTC |
| During | 27412.10 | 27464.45 | 27017.24 | 27135.52 | -1.02% | 1.63% | 15,266 BTC |
| 8 Hours | |||||||
| Before | 27701.13 | 27758.48 | 27280.99 | 27435.44 | -0.97% | 1.72% | 10,493 BTC |
| During | 27435.43 | 27499.00 | 27017.24 | 27167.25 | -0.99% | 1.75% | 17,058 BTC |
| 12 Hours | |||||||
| Before | 27701.13 | 27758.48 | 27280.99 | 27412.10 | -1.05% | 1.72% | 15,010 BTC |
| During | 27412.10 | 27464.45 | 27017.24 | 27246.23 | -0.61% | 1.63% | 19,744 BTC |
