The latest strong-then-expected US GDP numbers for Q3, which also pointed at higher-than-expected inflation last quarter, have done little to impact cryptocurrency markets on Thursday, where the focus primarily remains on bullish narratives such as institutional adoption (with spot Bitcoin ETFs expected to soon get the green light in the US) and safe-haven demand.
Bitcoin (BTC) was last trading a touch lower in the past 24 hours in the $34,300s, while Ether (ETH) was last close to 2% higher over the same time period. Bitcoin could soon find fresh bullish momentum with the cryptocurrency soon expected to enjoy a bullish “golden cross” – where its 50DMA moves above its 200DMA. Ether, meanwhile, has broken convincingly back to the north of its 200DMA and is sat comfortably above $1,800, with bets rising for a near-term pump back to the north of the $2,000 level.
Most other major blue-chip cryptocurrencies are little moved on Thursday, though Dogecoin (DOGE) and Shiba Inu (SHIB) were up 12% and 8% in the last 24 hours, a sign that risk appetite is picking up in the market.
