Cryptocurrency Market Gains as Major Tokens Mirror U.S. Equity Market Rally

Cryptocurrency Market Gains- Bitcoin Rallies Ahead of Donald Trump’s Bitcoin 2024 Conference Speech

Cryptocurrency Market Gains– The cryptocurrency market saw a notable uptick today, with major tokens showing gains that closely mirrored the positive movements in U.S. equity markets.

This rally comes on the heels of a more subdued inflation report from one of the Federal Reserve’s key indicators. According to the U.S. Bureau of Economic Analysis, the Personal Consumption Expenditures (PCE) price index edged up by 0.1% in June, marking a 2.5% increase from a year ago. This annual rate is a slight decrease from May’s 2.6%, signaling that inflation is inching closer to the Federal Reserve’s 2% annual target.

The largest cryptocurrency by market capitalization saw a 4.7% increase in the past 24 hours, trading at $67,689 as of 11:28 a.m. ET, according to The Block’s Price Page.

Meanwhile, early trading on Friday saw the Dow Jones Industrial Average jump by 610 points, or 1.5%, largely thanks to a strong performance by 3M. The company’s stock soared nearly 16%, heading for its best day since at least 1972. The S&P 500 climbed 0.8%, and the Nasdaq Composite edged up by 0.5%.

Bitcoin Surge Ahead of Trump’s Speech and Key Market Indicators

The Bitcoin rally is happening just ahead of Donald Trump’s much-anticipated speech at this year’s Bitcoin Conference in Nashville, Tennessee. The former U.S. president and Republican nominee is set to take the stage on July 27 at 2 p.m. CT for a 30-minute session, as listed on the conference’s website.

In addition, Glassnode analysts have noted that Bitcoin’s recent rebound past the $67,000 level has enabled the cryptocurrency to exceed the short-term holder cost basis. This cost basis represents the average price at which short-term investors bought their Bitcoin. When Bitcoin’s current price is higher than this cost basis, it means that, on average, short-term holders are now seeing profits.

The move upward has provided much-needed relief for new investors, with over 75% of their supply moving back into profit.

Glassnode analysts

For the latest in crypto updates, keep tabs on Crypto Data Space.