Bitcoin price slips under $19K as official data confirms US recession

cointelegraph.com:

Bitcoin (BTC) wobbled in its narrow trading range at the Sep. 29 Wall Street open as official data put the United States economy in recession. 

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD still hovering just above $19,000 at the time of writing.

The pair weathered gloomy figures for the U.S., with the second quarter gross domestic product (GDP) growth estimated at -0.6%. This, despite protests of the White House to the contrary, meant that the U.S. met the standard criteria for recession — two consecutive quarters of negative growth.

"Everyone talks about recessions as if they should never happen," financial commentary resource The Kobeissi Letter reacted.

Analyzing the situation in Europe, meanwhile, Robin Brooks, chief economist at the Institute of International Finance (IIF), warned that a "deep" recession was also about to hit the Eurozone on the back to consumer confidence data.

"With the second quarterly GDP revision negative, reminder the White House has stated that this is not the definition of a recession," popular Twitter account Unusual Whales continued about the confusion over what constitutes a recession which began earlier this year.

The event follows the Bank of England  abruptly intervening in the United Kingdom bond market, returning to quantitative easing (QE) in a move reminiscent of the atmosphere at Bitcoin's birth.

Bitcoin price action nonetheless managed to avoid any significant volatility as the figures flowed in, even with the monthly close just a day away.

Related: Bitcoin 'great detox' could trigger a BTC price drop to $12K: Research

At the time of writing, BTC/USD was attempting to break through $19,000 support.

Noting that the -0.6% GDP result was better than the forecast -0.9%,