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Bitcoin Price Briefly Nears $82K, but Bears Warn of a Drop Toward $76K

By Terence Zimwara

Bitcoin surged past $81,800 following stronger-than-expected third-quarter U.S. GDP data, briefly reversing losses triggered by the Federal Reserve’s decision to hold interest rates steady ahead of the U.S. midterm elections. Strong GDP Growth Drives Temporary Rally Bitcoin rallied Thursday after new data from the…

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Bitcoin

The first and largest cryptocurrency, created in 2009, with a fixed maximum supply and no central issuer.

Its price swings and adoption by funds and companies make it a bellwether for the whole crypto market.

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Gross domestic product

The total value of all goods and services produced in a country over a period, used as the main measure of the size of an economy.

GDP growth shows whether an economy is expanding or shrinking and guides decisions by governments and investors.

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Federal Reserve

The central bank of the United States, which sets US interest rates and supervises banks.

Because the dollar is used worldwide, its rate decisions affect borrowing costs and markets in many other countries.

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Interest rate

The price of borrowing money, expressed as a percentage of the amount borrowed. A central bank sets a benchmark rate that other rates follow.

It decides how much people pay on loans and mortgages and how much savers earn, and it is the main tool for fighting inflation.

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