#MTGOX Bitcoin price breaks $67,000 as holdings fall
Bitcoin price rebounded above $67,000 today, with MTGOX holdings at just $5 billion. After billions of dollars in returns, the leading cryptocurrency continues to eye the $70,000 target, but more closes at higher levels are needed. Now, the PCE data is out.
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On the last day of July, the Federal Reserve will announce its interest rate decision. The meeting is expected to make a clearer statement on the expected rate cut in September, leaving rates unchanged. The Personal Consumption Expenditures (PCE) data, a key indicator of the current state of the US economy and one of the most important events of the week, has now been released.
PCE is an inflation measure monitored by the Federal Reserve, and the data is released after the recent recovery in the US stock market. The importance of the PCE data has increased after the high GDP data released yesterday.
PCE (annual) released: 2.5% (expected: 2.4% previous value: 2.6%) Core personal consumption expenditures (annual rate) released: 2.6% (expected: 2.5% previous value: 2.6%)
The PCE data exceeded expectations, indicating that the Federal Reserve may make a cautious statement next week. The latest data on cryptocurrencies may bring short-term negatives.
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