The U.S. ISM Services Index soared to 54.1, reaching its highest level in nearly two years, and exceeded the expected figure of 53.5. Meanwhile, the price index measuring raw materials and services surged from 58.2 to 64.4, while the employment index stood at 51.4, lower than the previous value.
On the surface, the rise in the ISM Services Index indicates robust expansion in U.S. service sector activity. However, the soaring price index and slowing employment suggest that the service industry 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 intensify again.”
Following the data release, traders no longer fully bet on the Federal Reserve reducing interest rates before July, and all three major U.S. stock indices opened higher but subsequently declined.
Bitcoin also experienced a sharp drop from above $100,000 to a low of $97,200, with a decline 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 people across the network were liquidated, with a total liquidation amount of $386 million, primarily affecting long positions.
(This article is reprinted with permission from GT Radar)
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