I just came across a key event to watch tomorrow: the UK Office for National Statistics is due to release third-quarter GDP on Thursday. The market expects quarter-on-quarter growth of 0.7%, up from 0.5% in the second quarter. The Bank of England’s own forecast is also 0.7%, but business surveys put it at only around 0.2%—quite a wide divergence. Last week, the Bank of England raised interest rates to 4%. The pound rose about 0.5% to $1.3421 on the 9th, while 10-year gilt yields were around 5.13%. If the data really does beat expectations, the pound may remain supported. But if yields climb further, that could be unfavorable for non-yielding assets like Bitcoin. I think crypto prices may lean bearish in the short term, but that’s just my view—no one can say for sure before the data comes out. $BTC $ETH
Not investment advice