Crypto Markets Remain Stable Following GDP Release, Bitcoin Stays Over $20K

Crypto markets paused their recent two-day ascent, following an unexpectedly strong GDP report in the U.S. that failed to shake investors from underlying concerns about inflation and a potential steep recession.

U.S. economic growth expanded 2.6% in the third quarter, versus expectations for 2.4% growth.

The economic expansion is a reversal from the 1.6% and 0.6% contractions in the first and second quarters. But consumer spending and the once-hot housing market have been slowing as rising prices and interest rate hikes have an increasing impact on the economy.