Bitcoin price today: flat at $94.5k as rally cools ahead of U.S. data barrage

Investing.com-- Bitcoin moved little on Wednesday, steadying near recent highs as a rebound rally cooled in anticipation of key U.S. economic readings, while uncertainty over trade tariffs persisted.

The world’s biggest cryptocurrency clocked a strong run-up over the past week, taking support from more buying action by Strategy and as government officials touted more crypto-friendly regulations. Investors were also seen piling into Bitcoin exchange-traded funds. 

But this rebound now appeared to be cooling amid persistent uncertainty over the U.S. economy, especially in the face of a bitter trade war with China. A barrage of economic readings are set to provide more insight later on Wednesday. 

Bitcoin slipped 0.4% to $94,543.0 by 09:27 ET (13:27 GMT). The coin was trading up nearly 15% in April, as it sharply reversed course from two straight months of losses. 

Bitcoin, crypto brace for econ. data deluge

Broader crypto prices also turned rangebound on Wednesday before a string of key economic readings. U.S. gross domestic product data for the first quarter is due later on Wednesday, and is expected to provide more insight into how the economy performed in the first quarter of President Donald Trump’s second term. 

PCE price index data- the Federal Reserve’s preferred inflation gauge- is also due later in the day, and is likely to reflect some of the impact of Trump’s tariff agenda on local inflation. 

Key U.S. nonfarm payrolls data for April is due on Friday, and is also likely to factor into the outlook for U.S. interest rates. 

While Bitcoin generally has little direct correlation to U.S. economic data, it is largely sensitive to the shifts in market sentiment that follow the readings. Despite some signs of decoupling, the world’s biggest crypto has moved largely in lockstep with U.S. stock markets, especially the Nasdaq 100 benchmark. 

Nasdaq asks SEC to approve to 21Shares Dogecoin ETF listing

Nasdaq filed a 19b-4 form with the SEC on Tuesday to request approval for listing and trading the 21Shares Dogecoin ETF. The move follows 21Shares’ S-1 registration submitted on April 10, developed in partnership with the House of Doge — the corporate arm of the Dogecoin Foundation — to support the launch.

The proposed ETF will be a passive investment vehicle designed to track the performance of dogecoin, based on the CF DOGE-Dollar US Settlement Price Index, adjusted for fund expenses and liabilities. It will hold DOGE directly and will not use leverage, derivatives, or other complex financial instruments.

Coinbase (NASDAQ:COIN) Custody Trust is named as the official custodian and will be responsible for safeguarding the fund’s digital assets.

This filing comes shortly after the SEC delayed its decision on Bitwise’s spot Dogecoin ETF application, extending the review period to June 15.

Crypto price today: altcoins slightly lower, lag Bitcoin in April

Broader crypto prices were rangebound on Wednesday after mostly having lagged Bitcoin through April. 

World no.2 crypto Ether fell more than 2% to $1,771.06, losing a total of 3% this month. 

Solana dropped 3%, but remains one of the better-performing altcoins in April. 

The crypto was trading up around 14% this month, with a bulk of its gains coming over the past week amid increased on-chain activity centered around Trump’s memecoin, $TRUMP. The coin plunged 7.1% on Wednesday, but was trading up roughly 24% in April after Trump said that the coin’s top holders will be invited to a White House dinner and forum. 

XRP fell 4%, but was trading up nearly 5% in April. Cardano was down 2.6% and was headed for a 5.3% gain in April.

Dogecoin fell 3.4% and was trading up 4.5% in April. 

Ambar Warrick contributed to this report.