Bitcoin’s price stayed mostly steady, even as equity markets rose following the recent U.S. inflation report. Over the past 24 hours, the leading digital asset by market cap saw a slight increase of 0.7%, trading at $68,738 as of 9:26 a.m. ET, according to The Block’s Price Page. In parallel, the GM30 Index, which monitors the top 30 cryptocurrencies, increased by 0.55% to 144.92 during the same timeframe.
On Friday, the U.S. Bureau of Economic Analysis reported that the PCE – Personal Consumption Expenditures Price Index, a key measure of inflation, remained steady at 2.7% on a yearly basis in April, aligning with economists’ expectations.
Following the PCE inflation report, stock futures experienced a slight uptick. Dow Jones Industrial Average futures increased by 0.2%, S&P 500 futures climbed 0.3%, and the NYSE Composite rose by 0.32% in pre-market trading.
However, inflation remains a concern. Nansen.ai Principal Research Analyst Aurelie Barthere noted that while the market has already factored in two anticipated Fed rate cuts in 2024, there are ongoing risks associated with the high-rate environment. “A growth slowdown would not be positive for crypto. In the meantime, we’re tactically constructive on crypto but alert to signs of weak growth,” Barthere commented.