Bitcoin and ether declined on Wednesday as economic data confirmed that the U.S. has technically entered a recession.
Bitcoin’s (BTC) price recently fell 0.06% on moderate volume following Wednesday’s 1.8% increase. Prices fell sharply during the 12:00 UTC (8 a.m. ET) and 13:00 UTC (9 a.m. ET) time frames, coinciding with the announcement the U.S. economy contracted by 0.6% in the second quarter. Subsequent hours saw BTC regain ground.
Ether’s (ETH) price recently declined 0.28%. Its trading behavior was similar to BTC, selling off in early U.S. trading hours before reversing course slightly. The second-largest cryptocurrency by market capitalization has declined in volatility as its average true range (ATR) has contracted 13% over the last seven days. ATR reflects volatility by measuring the spread between an asset’s high, low and closing prices.