Bitcoin has continued to fluctuate and rise since last night. It once reached US$61,186 after 23:00 in the middle of the night, but then selling pressure emerged, and it fell sharply after 2:00 midnight, falling below US$59,000.
The stock is temporarily trading at US$59,223. It has given up all its gains last night and fell 0.09% in the past 24 hours, once again challenging investor confidence.
U.S. GPD revised up to 3%
The U.S. Department of Commerce announced the U.S. second-quarter gross domestic product (GDP) on the evening of Thursday (29th). The revised quarterly annual growth rate was revised up to 3% from the initial value of 2.8%, which was higher than market expectations.
The main reason is that consumer spending, which accounts for two-thirds of economic output, grew by 2.9%, higher than the previously estimated 2.3%, and business investment also expanded by 7.5%, which to some extent alleviated market recession concerns and the U.S. economy still showed resilience.
In addition, the United States also released data on Thursday showing that the number of initial jobless claims fell by 2,000 in the week ended August 24, to a seasonally adjusted 231,000. This also helped to alleviate concerns about the rapid deterioration of the economy and may further consolidate the United States. It is expected that the meeting will only slightly cut interest rates in September.
Focus on PCE tonight
Separately, investors are now awaiting tonight's release of the U.S. core personal consumption expenditures (PCE) price index, the inflation gauge focused on by the Federal Reserve, which may provide more clues on the extent of a rate cut in September.
The four major U.S. stock indexes fluctuated within a narrow range
After chip giant Huida announced its Q2 financial report yesterday, technology stocks were generally under pressure. Huida continued to fall by 6.39% to close at US$117.59; TSMC ADR fell by 0.03% to close at US$169.15.
Performance of major U.S. stock indexes on the 29th:
- The Dow Jones Industrial Average rose 243.63 points, or 0.59%, to close at 41335.05 points
- The S&P 500 index fell 0.22 points and was almost unchanged, closing at 5591.96 points.
- The Nasdaq index of technology stocks fell 39.60 points or 0.23% to close at 17516.43 points
- The Philadelphia Semiconductor Index fell 30.31 points or 0.60% to close at 5029.25 points
Ethereum holds on to $2,500
The trend of Ethereum is similar to that of Bitcoin. It also dropped one bar after two o'clock in the middle of the night. At the moment of writing, it is temporarily trading at $2,525, up 0.18% in the past 24 hours, returning to the starting point of yesterday's volatile rise.
The entire network liquidated $117 million in the past 24 hours
Against the background of Bitcoin's volatility, according to Coinglass data , in the past 24 hours, the entire cryptocurrency network's liquidation amount exceeded US$117 million (long positions accounted for US$80.69 million), and more than 43,000 people were liquidated.
