The U.S. Department of Labor announced last night that the Producer Price Index (PPI) in July 2024 showed that the monthly growth rate (seasonally adjusted) was 0.1%, the lowest since May, lower than market expectations of 0.2%, and the annual growth rate. The rate (not seasonally adjusted) also fell to 2.2% from 2.7% in June, the lowest since March and also lower than market expectations of 2.3%.
Economic data showing that price pressures in the United States continued to ease, spurred all four major U.S. stock indexes to rise:
- The Dow Jones Industrial Average surged 408.63 points, or 1.04%, to close at 39,765.64 points.
- The S&P 500 index rose 90.04 points or 1.68% to close at 5434.43 points.
- The Nasdaq index rose 407 points or 2.43% to close at 17187.61 points.
- The Philadelphia Semiconductor Index rose 198.49 points or 4.18% to close at 4942.31 points.
Bitcoin tops $61,000
In addition, in the cryptocurrency market, Bitcoin continued to fluctuate and rise after the PPI news was announced last night. After breaking through $60,000, perhaps due to short squeeze, Bitcoin quickly climbed to $61,575.
At the moment of writing, the price has slightly fallen back to US$60,766, up 1.81% in the past 24 hours.
Currently, Bitcoin continues to consolidate within a narrow range after rapidly breaking through the intensive trading area of $60,680. If it is not a false breakout, the price is expected to continue rising further.
The moving zone reminds you that another data that investors are focused on is the U.S. Consumer Price Index (CPI) for July, which will be released tonight. It may bring new fluctuations, so please be careful of risks.
Ethereum fluctuates above $2,700
In the Ethereum market, although the overall trend is close to that of Bitcoin, it failed to break through the previous high of $2,750 and continued to fluctuate within a narrow range between $2,700. At the time of writing, it was trading at US$2,708, down slightly by 0.17% in the past 24 hours. Whether it can continue to rise remains to be seen.
The entire network liquidated $87.47 million in the past 24 hours
During Bitcoin's breakthrough market, according to data from Coinglass, in the past 24 hours, the amount of cryptocurrency liquidation across the entire network exceeded US$87.47 million, and more than 31,000 people were liquidated.
But overall, it is not a very big data, showing that the current price may not have reached the stop loss point of long and short positions, or there may be fewer people holding leveraged positions.
