U.S. GDP And The Big Three Cryptocurrencies
Shain Vernier • 3 min read
News items have dominated the last two sessions of trade. U.S. tax reform and scheduled economic data releases have impacted valuations across the majors, indices, and commodities. In contrast, the last 24 hours have been relatively stable facing the big three cryptocurrencies Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
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Today’s U.S. Economic Metrics
Here are today’s prominent economic metrics facing the U.S. economy:
Event Previous Projected Actual
Continuing Jobless Claims (Sept. 15) 1.979M 1.990M 1.934M
Core Personal Consumption (QoQ, Q2) 0.9% 0.9% 0.9%
GDP Annualized (Q2) 3.0% 3.0% 3.1%
GDP Price Index (Q2) 1.0% 1.0% 1.0%
Goods Trade Balance (August) $-65B $-65B $-62.94B
The big takeaways here are the 0.1% growth in GDP and the reduction in the Goods Trade Balance for August. These are small changes to the aggregate metric, yet steps in the right direction.
How Did Cryptocurrencies React?
The cryptocurrencies seemed to take a pause during the 8:30 AM EST data releases. In fact, the needle barely moved at all. As I mentioned earlier, the last 24 hours have been stable by cryptocurrency standards:
Bitcoin is trading at $4,140, up 1%
Ethereum is trading at $299, up 0.61%
Litecoin is trading at $54.25, flat on the day
Overview: The cryptocurrency markets are in their infancy. Developing pricing tendencies based upon economic data releases may be a bit of a stretch at this time.
To get started in these exciting markets be sure to select a brokerage that specializes in cryptocurrency assets. Then, buckle up and be sure to practice prudent risk management!