U.S. GDP And The Big Three Cryptocurrencies - Forex News by FX Leaders

U.S. GDP And The Big Three Cryptocurrencies

Posted Thursday, September 28, 2017 by
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).

BitcoinHow Do Investors Trade Cryptocurrencies During Economic Data Releases?

For insight into the budding cryptocurrency markets, stay tuned to FX leaders. Trading signals and ongoing analysis are available around the clock for a variety of cryptocurrency assets.

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!

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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