Bitcoin, the leading cryptocurrency, has experienced a significant surge in price today, following the release of the first revision of the U.S. Gross Domestic Product (GDP) data. The data revealed that the economy grew at a rate of 1.3% in the first quarter of the fiscal year, surpassing market expectations.

The cryptocurrency market had been eagerly awaiting the U.S. GDP data, which was followed by the U.S. Personal Consumption Expenditures (PCE) inflation data, scheduled for release the following day. The advanced estimate GDP data had initially come in below market expectations, dampening investor sentiment. However, the latest data has provided a boost to the market, as the economy's growth exceeded Wall Street's projections.

The U.S. Labor Department's Bureau of Economic Analysis reported that the U.S. GDP rose 1.3% in the first quarter of fiscal 2024, a significant improvement from the advanced estimate data, which showed a growth of only 1.6%. This growth follows a surge of 3.4% in the final quarter of fiscal 2023.

The cooling GDP data had previously weighed on investor sentiment, leading to a massive selloff in the broader financial market, including the crypto market. However, the market had been expecting the first revision of the U.S. GDP data to show a growth of 1.2% in the first quarter. The actual data, which exceeded expectations, is likely to boost investor confidence and optimism.

Despite the positive news, macroeconomic concerns have continued to dampen crypto market sentiment, particularly amid ongoing inflation concerns. The U.S. Federal Reserve has maintained higher interest rates as inflation remains above its 2% target, causing many investors to remain cautious.