Crypto Markets Climb on Strong U.S. Economic Data

Cryptocurrency markets traded higher on Thursday as traders cheered upbeat U.S. economic data.

Bitcoin (BTC) rallied 3% to $65,150, while Ethereum (ETH) gained 2% to $2,630. Solana (SOL) climbed 4%, and Polkadot (DOT) added 1.5%. Among the top 100 digital assets, Worldcoin (WLD) and StarkNet (STRK) were the top gainers, surging over 14%.

Thursday's economic data painted a positive picture of the U.S. economy. Initial jobless claims fell to 218,000 for the week ending Sept. 21, slightly beating the forecast of 223,000. Gross Domestic Product (GDP) grew at an annualized rate of 3% in the second quarter, meeting analyst expectations.

Bitcoin and Ethereum ETFs Post Inflows

Spot Bitcoin exchange-traded funds (ETFs) recorded inflows of over $100 million for the second consecutive day on Wednesday, according to Farside Investors data. BlackRock's iShares Bitcoin Trust (IBIT) led the charge, contributing $99 million on Sept. 24 and $184 million on Sept. 25.

On Sept. 24, spot Ethereum ETFs logged net inflows of $62.5 million, driven mainly by BlackRock’s Ethereum ETF (ETHA), which brought in $59 million. The inflows continued on Sept. 25 with $43 million.

Kamala Harris on Crypto

Democratic presidential nominee and sitting vice-president Kamala Harris said on Wednesday that the United States will "recommit" to global leadership in emerging sectors, including blockchain and other advanced technologies. Her comments were part of a speech at The Economic Club of Pittsburgh.

“We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain and other emerging technologies, and expand our lead in clean energy innovation and manufacturing,” Harris said.

Harris largely avoided discussing cryptocurrency during her campaign until this past weekend.

"We will encourage innovative technologies like AI and digital assets while protecting consumers and investors," Harris said at the fundraiser on Sept. 22.

Her comments come as former president and Republican nominee Donald Trump has positioned himself as a supporter of the crypto industry. He has vowed to fire SEC chair Gary Gensler and introduce crypto-friendly regulations to bolster the industry in the U.S.

U.S. stock markets rallied on Thursday. The S&P 500 climbed 0.4%, while the Nasdaq Composite rose 0.7%. The Dow Jones Industrial Average added 0.6%.