Bitcoin continued its recent downturn, falling alongside tech stocks after stronger-than-expected U.S. economic growth data.

After Thursday's opening bell, the tech-heavy Nasdaq Composite fell 215.43 points, or 1.246%, to 17,126.98, while the S&P 500 dropped by 21.93 points, or 0.4%. Bitcoin also failed to reverse its near-term downtrend after GDP data showed Thursday that the U.S. economy grew by 2.8% in Q2 2024, beating economist forecasts of a 2% gain.

The largest digital asset by market capitalization traded flat over the past 24 hours, now changing hands for $63,800 at 10:24 a.m. ET, according to The Block's Price Page.

Odds are on for a September rate

Inflation pressures, measured by the Personal Consumption Expenditure (PCE) price index, …