Cryptocurrency markets are bullish today, with major tokens rising, a trajectory that mirrors the positive moves in the US stock market.
The meeting is coming One of the Federal Reserve’s key data indicators, inflation, has declined. The personal consumption expenditures (PCE) price index rose 0.1% in June, up 2.5% from a year ago, according to the Bureau of Economic Analysis. The annual rate was down slightly from 2.6% in May, confirming that inflation remains close to the Federal Reserve’s annual target of 2%.
The price of the largest digital asset by market cap is up 4.7% over the past 24 hours and is trading at $67,689 as of 11:28 a.m. ET, according to The Block’s price page.
In early trading Friday, the Dow Jones Industrial Average rose 610 points, or 1.5%, boosted by a strong performance from manufacturer 3M. Shares of the company surged about 16%, putting them on track for their best day since at least 1972. The S&P 500 rose 0.8%, while the Nasdaq Composite rose 0.5%.
Trump Speaks at Bitcoin 2024
Bitcoin Rally Ahead of Donald Trump’s Speech of the Year Bitcoin Bitcoin
-1.39%
The conference is being held in Nashville, Tennessee. The former U.S. president and Republican candidate will appear on stage at Nakamoto on July 27 at 2 p.m. Central Standard Time for a 30-minute session, according to the conference. Website.
Also, according to Glassnode analysts, Bitcoin’s recent surge above $67,000 has allowed the digital asset to surpass the short-term cost of ownership threshold, which refers to the average price at which a short-term investor acquires a stake in Bitcoin. When the current Bitcoin price surpasses this cost of ownership threshold, it indicates that short-term holders are, on average, in a profitable position.
“The uptrend provided much-needed relief to new investors, with over 75% of supply returning to profitability,” Glassnode analysts added.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.