Markets
Crypto Markets Trade Sideways Ahead of US Inflation Report
Bitcoin is up 2.5% in the last 24 hours, while Ether and Solana have gained 1%.
Crypto markets rose slightly on Thursday as traders prepared for the release of key US inflation data.
A report from the Department of Commerce revealed lower-than-expected economic growth in the first quarter of the year, but also a slight drop in a critical inflation indicator.
Bitcoin rose almost 3%. Meanwhile, Ether and Solana gained about 1%, according to data from CoinGecko.
CoinGlass data reveals that in the last 24 hours, 71,877 traders were liquidated for a total of $154 million.
According to Michael Van de Poppe, CEO of MN Trading, Ethereum spot ETFs will likely go live at the end of June.
“A dull mood for markets as Bitcoin consolidates,” he he said. “Important support level approaching where it must be between $66 and 67 thousand to avoid further downward momentum towards $60 thousand.”
Data from the Bureau of Economic Analysis (BEA) indicated that in the first quarter of 2024, US real gross domestic product (GDP) grew at an annualized rate of 1.3%. This is a revision from the initial estimate of 1.6%, but slightly better than the Dow Jones forecast of 1.2%. On the other hand, the previous quarter recorded an increase in GDP of 3.4%.
Additionally, the Department of Labor reported an increase in initial unemployment claims to 219,000 in the week ending May 25 – an increase of 3,000 from the previous week.
Investors now await the release of the April personal consumption expenditures (PCE) price index report, scheduled for Friday. The PCE price index is the Federal Reserve’s preferred measure of inflation, offering insight into consumer spending and overall economic health. It tracks changes in the prices of goods and services consumed by individuals.
Meanwhile, the US stock market also fell on Thursday.
The Dow Jones Industrial Average fell 0.8%, the S&P 500 declined 0.4% and the Nasdaq Composite fell 0.2%.