Bitcoin price hit a two-month high in early trading on Friday at $66,498.

BTC Price Chart – 1 Day | Source: TradingView

US stocks

The Dow Jones Industrial Average continued to climb to a record high on Friday as traders digested new data showing slowing inflation. Wall Street also posted its third straight weekly gain.

The 30-stock Dow rose 137.89 points, or 0.33%, to close at 42,313. The blue-chip index posted a record closing high and hit an all-time high during the session. S&P 500
fell 0.13% to 5,738.17, while the Nasdaq Composite lost 0.39% to 18,119.59. Nvidia shares fell 2%, weighing on the tech-heavy index.

The major indexes all extended their gains for a third straight week, with the S&P 500 and Dow rising about 0.6% over the period. The Nasdaq climbed nearly 1% for the week.

Traders got a boost from inflation data that could give the central bank more reason to be confident in cutting interest rates further. The personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose 0.1% in August, matching the expectations of economists polled by Dow Jones. The PCE rose 2.2% on an annual basis, below the 2.3% forecast.

Policymakers and investors are hoping for a sustained decline in monthly inflation, allowing the Fed to continue easing borrowing costs, thereby easing the strain on corporate and household balance sheets.

Wall Street is on track for a winning session after a slew of data showed the strength of the US economy. Initial jobless claims fell more than expected last week, pointing to a strong labour market, while final figures for second-quarter gross domestic product came in at 3%.

Bitcoin and Altcoins

The leading cryptocurrency has returned to levels not seen since July, fueled by a stock market rally, upbeat US labor market data as well as economic stimulus moves from China.

Chinese authorities are reportedly considering pumping up to 1 trillion yuan into the country's biggest state-owned banks to help revive the struggling economy.

Furthermore, China's Politburo has pledged to boost fiscal spending and implement “forceful” interest rate cuts to boost the economy.

Bitcoin’s rally began last week after the US Federal Reserve (Fed) made its first interest rate cut since the Covid pandemic, cutting rates by 50 basis points instead of the expected 25. Traders are now betting on another cut at the Fed’s upcoming meeting on November 7, with many expecting another 50 basis points.

BTC Price Chart – 4 Hours | Source: TradingView

Altcoin market continued to gain points yesterday.

Notcoin (NOT), Pepe (PEPE), Wormhole (W), Floki (FLOKI), Shiba Inu (SHIB), Conflux (CFX) are the projects with outstanding activities when recording an increase of more than 10%.

Other major projects such as Lido DAO (LDO), Optimism (OP), Bonk (BONK), Gala (GALA), Arbitrum (ARB), Nervos Network (CKB), Dogecoin (DOGE), Core (CORE), ORDI (ORDI), Uniswap (UNI), Avalanche (AVAX), Maker (MKR), JasmyCoin (JASMY), Worldcoin (WLD), Render (RNDR), Helium (HNT)… increased from 5-9%.

Source: Coin360

Ethereum (ETH) hits a new high in over a month above $2,700.

The second-largest asset by market capitalization has jumped more than 2% on the day and is currently trading around $2,690.

ETH Price Chart – 1 Day | Source: TradingView

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