Cryptocurrency Market Update

The cryptocurrency market posted an uptick today, with major tokens in the green, mirroring positive moves in U.S. equity markets.

Inflation Data

The rally comes amid a cooler inflation reading from one of the U.S. Federal Reserve’s key data gauges. According to the U.S. Bureau of Economic Analysis, the personal consumption expenditures (PCE) price index increased 0.1% in June and was up 2.5% from a year ago. The annual rate showed a slight decline from May’s 2.6%, confirming that inflation continues to close in on the Federal Reserve’s 2% annual target.

Bitcoin Performance

The largest digital asset by market cap rose 4.7% in the past 24 hours, trading at $67,689 as of 11:28 a.m. ET.

U.S. Equity Markets

In early trading on Friday, the Dow Jones Industrial Average surged by 610 points, or 1.5%, propelled by strong performance from the manufacturing company 3M, whose stock jumped nearly 16%. The S&P 500 rose by 0.8%, and the Nasdaq Composite was up 0.5%.

Upcoming Bitcoin Conference

The bitcoin rally coincides with Donald Trump’s upcoming speech at the Bitcoin Conference in Nashville, Tennessee. The former U.S. president is scheduled for a 30-minute session on the Nakamoto Stage at 2 p.m. CT on July 27.

Market Insights

According to Glassnode analysts, bitcoin’s rebound above the $67,000 mark has allowed it to surpass the short-term holder cost basis, indicating that more than 75% of the supply is moving back into profit.

“The move upward has provided much-needed relief for new investors,” they said.