Bitcoin

While the UK data beats expectations, the crypto market is currently pricing in persistent fear (F&G 27) and a slightly bearish sentiment, driven by US interest rate concerns and a strong dollar. A single UK GDP beat is unlikely to reverse the broader risk-off posture, especially as the UK economy is a smaller driver of global liquidity than the US or China. However, it does reduce the probability of a synchronized global downturn, which could support a floor under risk assets.

UK economy grew by 0.3% in March, exceeding analysts' expectations of a small contraction.