Bitcoin is up 2.5% over the past 24 hours, while Ether and Solana are up 1%.
Cryptocurrency markets edged higher on Thursday as traders prepared for the release of a key U.S. inflation gauge.
A Commerce Department report showed economic growth in the first quarter of this year was weaker than expected, while a key inflation measure also fell slightly.
Bitcoin rose about 3%, while Ether and Solana rose about 1%, according to data from CoinGecko.
According to data from CoinGlass, 71,877 traders were liquidated for a total of $154 million in the past 24 hours.
According to MN Trading CEO Michael van de Poppe, a spot Ethereum ETF is likely to launch by the end of June.
“It's a boring situation for the market as Bitcoin is stabilizing,” he said. “We are approaching a critical support level of $66,000-$67,000 that must hold to avoid a further drop to $60,000.”
According to data from the Bureau of Economic Analysis, U.S. real gross domestic product (GDP) grew at a 1.3% annualized rate in the first quarter of 2024, a revision from an earlier forecast of 1.6% but slightly above Dow Jones's forecast of 1.2%. In contrast, GDP grew 3.4% in the previous quarter.
Additionally, the Labor Department reported that initial unemployment claims for the week ending May 25 increased by 3,000 from the previous week to 219,000.
Investors are now eagerly awaiting 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 inflation measure, providing insight into consumer spending and the overall state of the economy. It tracks changes in the prices of goods and services that individuals consume.
Meanwhile, U.S. stock markets also fell on Thursday.
The Dow Jones Industrial Average fell 0.8%, the S&P 500 lost 0.4% and the Nasdaq Composite lost 0.2%.
