Cryptocurrencies and US equities slipped Thursday morning as economic data fueled concerns of stagflation. 

Gross domestic product (GDP), which broadly measures goods and services produced in the first quarter, increased at 1.6% year-over-year, missing analysts’ expectations of 2.4%, data from the Commerce Department showed. This latest reading is a sharp decline from the fourth quarter of 2023, which showed GDP increased 3.4%. 

Consumer spending also trended lower, increasing 2.5% between January and March, a decline from the 3.4% gain posted in the last quarter of 2023. 

Bitcoin (BTC) and ethereum (ETH) dipped on the report, losing as much as 2% each in the hour after the…

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