U.S. President Donald Trump celebrated the newly released economic data and once again urged the Federal Reserve to cut rates.

Three Percent GDP Jump Fails to Lift Bitcoin Past $118K Resistance

U.S. gross domestic product (GDP) grew by 3% in the second quarter, according to new economic data published on Wednesday by the Department of Commerce’s Bureau of Economic Analysis. Trump cheered, stock markets were mostly buoyed, and bitcoin, though initially flat, eventually warmed up to the news, inching up 0.41%.

The strong GDP numbers surprised Wall Street Journal and Dow Jones economists, who had predicted a much lower 2.3% growth rate due to Trump’s controversial tariffs. And while tariffs did reduce both imports and exports, the former saw a dramatic 30.1% drop and the latter, a smaller 1.8% decrease. Fewer imports mean higher GDP. Americans also spent more than they did in the first quarter, with personal consumption climbing 1.4% in the second quarter versus a meager 0.5% in Q1.

According to the report, “The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending.”

The S&P 500 and Nasdaq rose 0.06% and 0.27% respectively, while the Dow eased 0.07%. Bitcoin was up 0.41% at the time of writing, and the broader crypto market followed suit with a 0.48% increase in market capitalization.

Trump touted his administration’s success when the GDP data was published. “2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED!” the president wrote on Truth Social. “’Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!” he added, making a pejorative reference to Fed Chair Jerome Powell, who will announce the central bank’s interest rate decision later today.

Overview of Market Metrics

Bitcoin was trading at $117,864.93 at the time of writing, a slight 0.41% increase for the day, but an equally nominal 0.51% decline for the week. The cryptocurrency traded between $116,987.37 and $118,780.73 over the past 24 hours, according to data from Coinmarketcap.

Trading volume since yesterday fell 8.58% to $62.88 billion, but market capitalization remained mostly flat, increasing by only 0.28% to $2.34 trillion. BTC dominance also inched up to 61.60%, a 0.18% increase over 24 hours.

The value of BTC futures open interest fell 1.03% to $82.93 billion since yesterday, and Coinglass shows 24-hour bitcoin liquidations at $27.22 million. Much like Tuesday, the bulk of liquidations were from bullish longs, which saw $19.98 million wiped out. The rest were shorts, which had $7.35 million in margin call liquidations.