Cryptocurrency markets remained under pressure during U.S. trading hours on Thursday, continuing a pullback that began a day earlier when the Fed signaled it only expected to cut rates once this year.The news sent ether higher by 1% but it turned out to have been a selling opportunity, with the price reversing more than 3% just one hour later. At press time, ether was changing hands at $3,440, down 5% over the past 24 hours. The broader. The U.S.
Failing to improve the macro mood in crypto was U.S. economic data Thursday morning suggesting a continued softening in both the inflation and the economy. The May Producer Price Index fell 0.2% against expectations for a rise of 0.1%. On a year-over-year basis, PPI was higher by 2.2% versus forecasts for 2.5%. There were also initial jobless claims which rose to nearly a one-year high of 242,000 versus expectations of 225,000.