The cryptocurrency market is experiencing robust performance, drawing considerable attention from Wall Street. The launch of nine Bitcoin ETFs in the US has further piqued the interest of financial institutions. Concurrently, investors are carefully scrutinizing macroeconomic indicators that might sway the Federal Reserve’s rate decisions, with recent data releases on Core Durable Goods Orders providing insights into the economic landscape.
Economic Indicators Exceed Expectations
The US Department of Commerce has reported that the latest figures for Core Durable Goods Orders, excluding transportation, climbed to 0.5%, surpassing the anticipated 0.4%. This metric is a key sign of manufacturing strength, and the surge suggests an expanding manufacturing sector. Additionally, total Durable Goods Orders, inclusive of transportation, ascended to 1.4%, outstripping the forecasted 1.2%, further signifying vibrant manufacturing activity.
The implications of these economic insights are far-reaching, particularly for sectors sensitive to such data. Notably, the cryptocurrency market, known for its volatility, may be directly influenced by the performance of the US dollar in the wake of these indicators.
Cryptocurrency Market Responds Positively
In response to the economic data, Bitcoin has rallied sharply by 5.75% in the past day, breaching the $70,000 mark and achieving a price of $70,857. The increase is part of a broader trend, with the cryptocurrency amassing an 11.85% gain over the past week and a remarkable 38.30% in the last month.
The altcoin sector is also on the rise, led by Ethereum, which has seen a 5.68% increase in its value over the last 24 hours, trading at $3,630. Among the top gainers are meme-inspired cryptocurrencies, with dogwifhat seeing a notable 17.74% jump in value. Conversely, some altcoins like Toncoin have experienced declines, though these have been relatively modest.