Today holds significant importance for cryptocurrency investors, as several key economic indicators are being released. At the time of writing, the Gross Domestic Product (GDP) data has been announced. This data, closely monitored throughout the year due to recession concerns, will be analyzed in detail. With the Personal Consumption Expenditures (PCE) data set to release tomorrow, today’s figures are of great significance for cryptocurrencies.
Recent Developments in US Economic Data
The US GDP report, after a sluggish start to the year, was expected to indicate a moderate pace in personal consumption. Today’s main agenda includes initial jobless claims data and revised second-quarter GDP figures.
The announced figures are as follows:
- US Jobless Claims Reported: 229K (Expectation: 230K, Previous: 235K)
- US GDP Reported: 3.3% (Expectation: 3.1%, Previous: 3%)
The US PCE preliminary data also came in below expectations at 2%. Overall, these details are positive for cryptocurrencies.
Market Reactions and Expectations
BTC price has returned to $113,000, supported by the recent data, maintaining the $112,500 support level. Moving away from recession fears benefits cryptocurrencies, and the economic recovery is favorable.
At 8:00 PM, there is a White House press briefing where important announcements may be made. At 10:30 PM, Trump is set to sign new executive orders. These two developments may increase volatility in the coming hours.
