Macroeconomic and Inflation Data
The US November Consumer Price Index (CPI) data showed a year-on-year increase of 2.7% and a month-on-month increase of 0.3%, both in line with market expectations. This increase was the largest since April this year, and the core CPI, excluding food and energy, rose 3.3% year-on-year, indicating that inflationary pressures are persistent but manageable. The market generally expects the Federal Reserve to cut interest rates by 25 basis points at the December meeting. CME Group data shows that the probability of a rate cut has risen to 96.4%. Institutions such as Citi believe that the Federal Reserve will embark on a gradual rate-cutting cycle and that there may be further policy easing by 2025.Dynamics of Gold and US Dollar Markets
- Spot gold rose 0.89%, touching $2,718, a five-week high.
- The US dollar index fell back briefly before rebounding, reporting 106.66 points.
- The yield on the US two-year Treasury bond fell to 4.1% before rebounding slightly.
Tech Stocks Lead the Nasdaq to New Highs
- TRON rose about 6%, up for six consecutive days, setting a new all-time high. Google rose more than 5%, becoming one of the best-performing stocks, and Apple, Microsoft, Amazon, and Meta also recorded gains.
- The Philadelphia Semiconductor Index rose 2.72%, with Broadcom surging 6.6% due to its collaboration with Apple to develop AI chips, and other leaders such as NVIDIA, Micron Technology, and AMD also recorded significant gains.
Cryptocurrency Market: Bitcoin and AI Coins Shine
- NEAR Protocol rose nearly 10%, ICP and Lender rose 14% and 11% respectively, as the market's attention to AI technology soared with the launch of Google's latest AI model "Zeminai 2.0".
- Buoyed by the CPI data, Bitcoin rose more than 3% intraday to $102,000, steadily continuing its strong rebound. Meanwhile, the stablecoin supply has surpassed $200 billion, a new all-time high, indicating ample market liquidity.
Market Outlook
This CPI data has cleared the way for the Federal Reserve's interest rate cut in December, and has also injected new momentum into the global market. The historic breakthrough of the Nasdaq above 20,000 points and the return of Bitcoin to the $100,000 level demonstrate the market's further strengthened confidence in technology and cryptocurrency assets. Going forward, the market focus will shift to the Federal Reserve's policy statement and the details of its future rate-cutting path.For more market dynamics and insights, visit BTX.
The above content is based on public market information and is for reference only, not constituting any investment advice. The cryptocurrency market carries high risks, and investment requires caution.
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