Bitcoin and the wider cryptocurrency market rallied on Thursday, along with major equities, after cooler U.S. Consumer Price Index (CPI) data for June. 

The June CPI, released Thursday morning by the U.S. Bureau of Labor Statistics, came in slightly lower than economist forecasts. The reading was followed by a 1% uptick in the price of bitcoin in the past hour, alongside a 2% gain in ether in the same period.

Stock futures also climbed after the latest CPI report indicated an easing of inflation that exceeded economists' expectations. The Nasdaq Composite rose by 1.18%, while the NYSE Composite increased by 0.92% in pre-market trading.

"Today's lower than expected reading signals a more significant slowdown in inflation, which could reinforce the market's expectation of a rate cut …