Crypto prices took another leg lower on Thursday while crypto-related stocks sold off after U.S. economic growth was revised sharply higher.

The U.S. government reported that gross domestic product expanded at a 3.8% annualized rate in the second quarter, up from 3.3% in the previous estimate and well above the 3% initially reported.

Alongside, initial jobless claims tumbled to 218,000 from 232,000 the previous week and well below expectations for 235,000 — putting into question the idea that the employment market is weakening.

The much-stronger than anticipated data tapered expectations for the Federal Reserve cutting interest rates further next month. Traders now assign a 17% chance the Fed keeps rates unchanged, up from 8% a day earlier, according to the CME FedWatch.

The 10-year U.S. Treasury yield surged to nearly 4.20% following the reports, highest in three weeks. That helped send U.S stocks lower, with the Nasdaq sliding more than 1%. It's since trimmed that loss to 0.5%.

Already trading weak over the past few days, bitcoin (BTC) plunged below $111,000 to its lowest price since early September before reversing to $111,500, down 1.6% over the past 24 hours. Ethereum (ETH) dipped below $4,000, down 4.5% over the past 24 hours, while Solana (SOL), dogecoin (DOGE), Avalanche (AVAX), Sui (SUI) suffered even steeper declines.

After strongly outperforming bitcoin for several months, ETH has given up major ground, with the ETH/BTC ratio having returned to flat year-to-date versus up 20% four weeks ago.

Solana's (SOL) has been another recent favorite amid hype of newly formed digital asset treasury company's and increased corporate adoption. It, though, is lower by 6% over the past 24 hours and nearly 20% over the last week.

Stocks lower

Crypto-related stocks fell sharply across the board Thursday. Strategy (MSTR), the largest corporate bitcoin holder, slid 4.5%, while crypto exchange Coinbase (COIN) fell 4.1%. Miners were hit even harder: Cipher Mining (CIFR), despite an early rally on Google AI hosting deal news, was down 9.4%, while HIVE Digital (HIVE), Bitdeer (BTDR), Bitfarms (BITF) plunged 6%-8%.

Stablecoin issuer Circle (CRCL) also retreated 4.4% and Galaxy Digital (GLXY) slid 3.7%, extending the weakness across the sector.

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