Bitcoin remained flat as US core PCE inflation remained stable as expected.
bitcoin 
BTC
-2.097%
The largest digital asset by market cap is up 0.7% over the past 24 hours, trading at $68,738 at 9:26 a.m. ET, according to The Block’s pricing page. Likewise, the GM30 index representing the top 30 cryptocurrencies rose 0.55% to 144.92 over the past day.
On Friday, the Bureau of Economic Analysis reported that U.S. inflation, as measured by changes in the personal consumption expenditures (PCE) price index, held steady at 2.7% on an annualized basis in April.
Stock futures rose after the latest PCE inflation report, which was in line with economists’ expectations. In pre-market trading, Dow Jones Industrial Average futures were up 0.2%, S&P 500 futures were up 0.3% and the NYSE composite index was up 0.32%.
Inflation still sticky
However, Nansen.ai senior research analyst Aurelie Barthere emphasized that inflation remains sticky.
Barthere said two Fed rate cuts in 2024 are already priced into the market. “The longer we remain in a high-rate regime, the risk of a continued downside,” the analyst added.
“Slowing growth would not be positive for cryptocurrencies. In the meantime, we remain tactically constructive on cryptocurrencies but remain alert to signs of weak growth,” Barthere said.
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