Crypto stocks reversed pre-market losses.
Cryptocurrency markets fell on Tuesday morning as traders braced for new macroeconomic indicators from the United States.
The Producer Price Index (PPI) rose 0.5% in April, beating expectations of 0.2%. The report was released ahead of Wednesday's Consumer Price Index (CPI) data.
Bitcoin (BTC) is trading at $61,689, down 2% in the past 24 hours. Ether (ETH) fell nearly 3%, and Solana fell 4%.
A surge in GameStop (GME) stock sparked a rally in meme coins on Monday. A post by RoaringKitty, an investor, analyst, and influencer known for his role in the 2021 GME short squeeze, sent the video game retailer's stock soaring. GME stock has nearly tripled in the past two days.
Several derivative and joke tokens referencing GameStop, Gill, and his online kitty persona flooded the Solana and Ethereum blockchains, and the meme GME token soared as much as 1500%.
PEPE soared 30% while Dogecoin (DOGE) rose 3.5% in the past 24 hours, while Shiba Inu (SHIB) and FLOKI rose 2% and 12%, respectively.
Cryptocurrency stocks rise
Cryptocurrency and blockchain stocks rose on Tuesday. Coinbase Global (COIN) rose 1.6%, while mining companies Riot Platforms (RIOT) and Marathon Digital (MARA) soared more than 3%. MicroStrategy (MSTR) rose 2.6%.
The ProShares Bitcoin Strategy ETF (BITO) fell 3%.
US stocks remained relatively stable on Tuesday as traders awaited tomorrow's inflation data that will influence the Federal Reserve's next policy decision. The S&P 500 and Nasdaq rose 0.1%.
