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

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

253
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%.

Cryptocurrency Market Gains As Major Tokens Mirror U.s. Equity Market Rally
source: tradingview

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.

Cryptocurrency Market Gains As Major Tokens Mirror U.s. Equity Market Rally
Written by
sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

Leave a comment

Leave a Reply

Related Articles

Satoshi Nakamoto Hype Fades as Bitcoin Struggles Below Key Levels

For more information on Satoshi Nakamoto hype fades, you can visit CDS.

Scammers Launch Fake Saudi Memecoin Using Crown Prince’s Name!

For more information about the scammers launch fake Saudi memecoin, please visit...

Crypto Leaders Clash: Can Social Pressure Stop Insider Fraud?

Crypto Leaders Clash: Can Social Pressure Stop Insider Fraud?

2025 Crypto Wars: How Solana, Cardano, and Panshibi Are Reshaping Blockchain Innovation?

For more information on the 2025 crypto wars and the blockchains featured...