U.S. ISM service industry data dampens interest rate cut expectations, Bitcoin plummets below $98,000

The US ISM Services Index soared to 54.1, reaching a near two-year high, also higher than the expected 53.5. At the same time, the indicator measuring the prices paid for raw materials and services surged from 58.2 to 64.4; while the employment index was 51.4, lower than the previous value. On the surface, the rise in the ISM Services Index indicates a robust expansion of US service sector activity. However, the surge in the price index and the slowdown in employment show that the service sector still faces cost pressures and potential uncertainties. These data may make the Federal Reserve more cautious in its monetary policy, especially given the possibility of inflationary pressures rising again. After the data release, traders have almost abandoned their previous expectations of a rate cut before July, and the three major US stock indices all opened high and then fell. also plummeted from above $100,000 to the $97,000 level, with a drop of more than 4% in the past 24 hours. The situation of was even more dire. According to data from , in the past 24 hours, a total of 131,466 people were liquidated across the network, with a total liquidation amount of $386 million, mainly in long positions. (This article is reprinted with permission from GT Radar) GT Radar focuses on building a long-term, stable growth quantitative investment portfolio, with over 10 years of experience in stock and quantitative trading. The trading system integrates more than 150 strategies, aiming to provide extremely high adaptability and flexibility to ensure the most robust way of profiting from the market.