Markets
Crypto Markets Move Sideways Ahead of US Inflation Report
Bitcoin is up 2.5% in the past 24 hours, while Ether and Solana are up 1%.
Crypto markets recovered slightly on Thursday as traders prepared for the release of key US inflation data.
A report from the Commerce Ministry showed lower-than-expected economic growth in the first quarter of the year, but also a slight decline in a critical indicator of inflation.
Bitcoin rose almost 3%. Meanwhile, Ether and Solana gained around 1%, according to CoinGecko data.
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 by the end of June.
“A boring mindset for markets as Bitcoin consolidates,” he said. said. “An important support level is approaching where it must hold at $66-67,000 to avoid further downward momentum towards $60,000.”
Data from the Bureau of Economic Analysis (BEA) noted that in the first quarter of 2024, real U.S. 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 saw an increase in GDP of 3.4%.
Additionally, the Ministry of Labor reported an increase in initial unemployment claims to 219,000 for the week ending May 25, an increase of 3,000 from the previous week.
Investors are now awaiting the release of the Personal Consumption Expenditures (PCE) Price Index report for April, scheduled for Friday. The PCE Price Index is the Federal Reserve’s preferred measure of inflation, providing 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 fell 0.4% and the Nasdaq Composite fell 0.2%.