Recent US macroeconomic data shows growth in the economy, which positively affects the crypto market, especially Ethereum.
Fed Data Exceeds Expectations
The Federal Reserve, led by Jerome Powell, released updated macroeconomic data indicating a 3% annual growth in real GDP for Q2, surpassing expectations of 2.4% and improving from the previous -0.5%. The core PCE price index reached 2.5%, also exceeding forecasts while declining from 3.5% earlier. Powell's comment, "...we are not very close to the end of this process," reflects the Fed's cautious approach to economic changes.
Ethereum Shows Significant Growth
According to CoinMarketCap, Ethereum (ETH) has increased by 1.73% in the last 24 hours, currently priced at $3,835.32. The market capitalization of ETH stands at $462.96 billion, achieving an 11.95% dominance. Over the last 90 days, Ethereum has shown a remarkable growth of 107.50% in value.
Future of Investing Amid Uncertainty
Coincu research analysts emphasize that investors should remain cautious and closely monitor macroeconomic indicators. Regulatory developments and technological advancements will be crucial for financial outcomes in the cryptocurrency sector, with the GDP growth and PCE data alignment contributing to ongoing market analysis.
In conclusion, current US macroeconomic data affects financial markets, including cryptocurrencies. The influence of real GDP growth and price index changes may drive trends in the market, particularly regarding Ethereum.
