Bitcoin and tech stocks fell in tandem after U.S. GDP data was released

Bitcoin fell further along with tech stocks following the release of strong U.S. GDP data and cooling personal consumption expenditures (PCE) inflation data on Thursday. The tech-heavy Nasdaq Composite fell 215.43 points, or 1.246 percent, to 17,126.98 after the opening bell on Thursday, while the Standard & Poor's 500 index fell 21.93 points, or 0.4 percent. Bitcoin has also failed to reverse its recent decline, trading flat over the past 24 hours, essentially remaining in the $64,000 range. Additionally, rate traders raised the likelihood of a rate cut in September to 85.7 percent, according to the Chicago Mercantile Exchange's (CME) FedWatch tool.