Bitcoin, the largest digital asset by market capitalization, exhibited minimal movement despite gains in equity markets following another U.S. inflation report aligning with expectations.

Over the past 24 hours, Bitcoin's price experienced a modest increase of 0.7%, reaching $68,738 as of 9:26 a.m. ET, as reported by The Block’s Price Page. Similarly, the GM30 Index, representing a curated selection of the top 30 cryptocurrencies, saw a 0.55% rise to 144.92 during the same period.

The U.S. Bureau of Economic Analysis reported on Friday that inflation in the country, measured by the change in the Personal Consumption Expenditures (PCE) Price Index, remained steady at 2.7% on a yearly basis in April.

Following the release of the latest PCE inflation report, stock futures saw an uptick, with Dow Jones Industrial Average futures rising by 0.2%, S&P 500 futures up by 0.3%, and the NYSE Composite increasing by 0.32% in pre-market trading.

Despite the stability in inflation figures, Aurelie Barthere, Principal Research Analyst at Nansen.ai, emphasized that inflation remains a persistent concern. Barthere noted that the market has already priced in two Fed rate cuts for 2024, highlighting the sustained downside risks associated with prolonged high-rate regimes.

Barthere also cautioned about the potential impact of a growth slowdown on cryptocurrencies, stating that weak growth indicators could dampen sentiment in the crypto market. However, Barthere expressed tactical optimism towards crypto investments while remaining vigilant for signs of economic weakness.

As Bitcoin continues to navigate through market dynamics influenced by macroeconomic factors like inflation and growth prospects, investors remain attentive to indicators signaling potential shifts in sentiment and market trends.