U.S. GDP is not looking pretty for the second consecutive quarter. On the 28th of July, the Commerce Department reported that gross domestic product had fallen by 0.9% between April and June.
The United States has been in negative GDP for the first six months of this year, which spells out a recession. According to the Bureau of Economic Analysis (BEA), the figure for the first quarter was -1.6%.
However, the Biden Administration is determined not to define the economic chaos surrounding the US as a recession.
President Joe Biden insisted that it doesn’t “sound like” the U.S. had entered a recession in a Thursday speech at the White House.
However, the Septuagenarian Democrat took swipes and media reports stating that the country was technically in a recession.
Columnist and author David Marcus commented, “It’s reassuring to be lied to in such a calm and grandfatherly way.”
Senator Ted Cruz commented, “Live from the White House, Biden’s economy really is a happy-go-lucky fun time, and things are going great!”
Reports show that Twitter was loaded with several sarcastic comments on Biden’s denial and evasive answers to questions.
Earlier this week, the International Monetary Fund warned that there would likely be a global recession going into 2023.
However, crypto markets are thriving today despite the country technically being in a recession and surging at 9.1%. Bitcoin prices topped $24,000 for the first time in nearly two months. BTC has now made 16% over the past fortnight. Ethereum is surging with a gain of 5.3% daily, rounding ETH prices to $1,730.
Total market capitalization is also up 3.9% daily, reaching $1.15 trillion. After the June 19 cycle bottom, markets have gained almost 34% to their current levels.