Markets
Cryptocurrency markets move sideways ahead of US inflation report
Bitcoin rose 2.5% in the last 24 hours, while Ether and Solana gained 1%.
Cryptocurrency markets rallied slightly on Thursday as traders prepared for the release of key US inflation data.
A Commerce Department report showed lower-than-expected economic growth in the first quarter of the year, but also a slight decline in the critical inflation gauge.
Bitcoin rallied nearly 3%. Meanwhile, Ether and Solana gained about 1%, according to data from CoinGecko.
CoinGlass data reveals that 71,877 traders were liquidated for a total of $154 million in the last 24 hours.
According to Michael Van de Poppe, CEO of MN Trading, Ethereum spot ETFs will likely be operational by the end of June.
“A dull mood for markets as Bitcoin consolidates,” he She said. “A major support level is approaching where it will need to hold $66-67,000 to avoid further downside momentum towards $60,000.”
Data from the Bureau of Economic Analysis (BEA) indicated that in the first quarter of 2024, real US 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%. In contrast, the previous quarter had seen a 3.4% increase in GDP.
Also, the Department of Labor reported an increase in initial jobless claims to 219,000 for the week ending May 25 – up 3,000 from the previous week.
Investors are now anticipating the release of the personal consumption expenditures (PCE) price index report for April, expected on Friday. The PCE price index is the Federal Reserve’s preferred measure of inflation, as it offers information on 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 fell 0.4% and the Nasdaq Composite fell 0.2%.