The three major US stock indices hit new highs. Nvidia's pledge to invest up to $100 billion in OpenAI pushed its stock price up approximately 4%. While gold and stock markets continued to hit new highs, the crypto market fell across the board yesterday. Bitcoin (BTC) briefly fell below $112,000, and Ethereum (ETH) hit a low of $4,077. Within 24 hours, $1.8 billion in positions were liquidated, the largest wave of liquidations since late March.
This week's focus is on Fed officials' speeches and PCE data
Several Federal Reserve officials will speak at public events, including a speech by Chairman Jerome Powell on Tuesday.
In his first policy speech since joining the Fed, Federal Reserve Governor Stephen Miran outlined his call for a significant interest rate cut. Meanwhile, St. Louis Federal Reserve Bank President Alberto Musalem stated that he believes there is limited room for rate cuts amidst high inflation. Beth Hammack of the Cleveland Federal Reserve Bank also stated that officials should proceed with caution to prevent the economy from overheating.
Investors are focused on Friday's release of the personal consumption expenditures price index (PCE), which excludes food and energy, with expectations for a 0.2% rise in August after a 0.3% increase in July. On an annualized basis, the so-called core index is expected to remain elevated at 2.9%.
Cryptocurrency plummets, with 1.8 billion Mg liquidated across the network
While gold and the stock market continued to hit new highs, the crypto market fell across the board yesterday, with the overall market capitalization falling 3.41% to $3.89 trillion. Bitcoin (BTC) briefly fell below $112,000, while Ethereum (ETH) hit a low of $4,077.
While cryptocurrency ETFs and digital asset finance companies (DATs) continue to buy, the market is losing momentum in the short term.
According to Coinglass data, a whopping $1.8 billion worth of positions were liquidated within 24 hours, with ETH (523 million USD) leading the way, followed by BTC (301 million USD). This was the largest liquidation wave since the end of March.
Funding rates for ether perpetual futures have turned negative, hitting their lowest level since the unwinding of the yen carry trade last year, according to CryptoQuant. This suggests shorts are in control and paying longs to maintain their positions.
The article " U.S. stocks and gold hit new highs, cryptocurrencies plummeted, and the entire network lost 1.8 billion magnesium" first appeared in ABMedia ABMedia .
