The cryptocurrency market continues to demonstrate its strength as nine spot Bitcoin ETFs, which began trading in the US in January, attract significant interest from Wall Street. Meanwhile, macroeconomic data with the potential to influence the Federal Reserve’s interest rate decisions are being closely monitored. Recently, the US announced important macroeconomic figures for February, including Core Durable Goods Orders and Durable Goods Orders.
Details of Critical Data
The US has released figures for February’s Durable Goods Orders and Core Durable Goods Orders. According to the data announced by the US Department of Commerce, these figures have the power to affect the performance of the US dollar and directly impact volatile markets like cryptocurrencies. The data revealed that Core Durable Goods Orders, excluding transportation, and Durable Goods Orders, including transportation, came in higher than expected.
Core Durable Goods Orders data exceeded market expectations of 0.4% on a monthly basis, coming in at 0.5%. This data serves as an important indicator of manufacturing activity, excluding the variable transportation sector. Higher-than-expected figures indicate growth in the US manufacturing sector.
Conversely, the Durable Goods Orders data for February came in at 1.4%, exceeding the monthly expectation of 1.2%. Durable Goods Orders encompass all new orders for durable consumer goods, including transportation. A higher-than-expected figure suggests growth in the US manufacturing sector.
Latest on Bitcoin and Altcoins
Following the release of important US macroeconomic data, the largest cryptocurrency Bitcoin has seen a 5.75% increase over the last 24 hours, trading above $70,000 at $70,857. The latest data shows that Bitcoin has risen by 11.85% over the past 7 days and by 38.30% over the past 30 days.
The altcoin market, with Ethereum (ETH) as the largest and most influential altcoin, has seen a 5.68% increase in the last 24 hours, trading at $3,630. Leading the list of the top 24-hour gainers on CoinMarketCap is the dog-themed memecoin dogwifhat (WIF), which has surged by 17.74% and is trading at $3.14 at the time of writing. WIF is followed by Internet Computer (ICP) with a 15.58% increase and another dog-themed memecoin Bonk (BOKN) with a 15.19% rise.
On the other hand, the list of the day’s biggest declining altcoins is led by Toncoin (TON) with a 4.10% drop, followed by Helium (HNT) and Bitget Token (BGB) with decreases of 0.74% and 0.26%, respectively.
