The US ISM Services Index surged to 54.1, reaching its highest level in nearly two years and exceeding expectations of 53.5. Meanwhile, the payment prices index for raw materials and services skyrocketed from 58.2 to 64.4; however, the employment index stood at 51.4, down from the previous value.
On the surface, the rise in the ISM Services Index indicates robust expansion in the US service sector. However, the sharp increase in the payment prices index and the slowdown in employment suggest that the sector continues to face cost pressures and potential uncertainties. This data may prompt the Federal Reserve to adopt a more cautious stance on monetary policy, especially considering that “inflation pressures may heat up again.”
Following the data release, traders have ceased to fully bet on an interest rate cut by the Federal Reserve before July, leading to a decline in all three major US stock indices after an initial rise.
Bitcoin also plummeted sharply from above $100,000 to a low of $97,200, experiencing a drop of over 4% in the past 24 hours. The situation for altcoins is even more dire.
According to data from CoinGlass, in the past 24 hours, a total of 131,466 individuals were liquidated across the network, with a total liquidation amount of $386 million, primarily from long positions.
(This article is reproduced with permission from GT Radar)
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