Bitcoin surges and then falls
Bitcoin fell below $57,000 in the short term. The U.S. House of Representatives failed to overturn President Biden's veto of SAB 121, a bill aimed at allowing banks to provide cryptocurrency custody services. The German government wallet address transferred out another 5,000 bitcoins, leaving 4,925 bitcoins in its final position.
The US released its June CPI report last night, showing that inflation continued to slow, raising market expectations for the Federal Reserve to cut interest rates this year. However, US stocks unexpectedly fell, the seven technology giants all fell, and Bitcoin also fell after a brief surge, falling below $57,000 at the time of writing.
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The U.S. Bureau of Labor Statistics released the latest CPI data last night (11), showing that inflation continued to slow.
The CPI index increased by 3.0% year-on-year, lower than the expected 3.1%.
This is the third consecutive month of falling CPI inflation and the first negative monthly growth since 2020 (CPI was 3.3% in May).
It is important to note that the U.S. Federal Reserve (“Fed”) prefers to refer to personal consumption expenditures (PCE) inflation when making policy decisions.
PCE inflation will be released on July 26. The next Federal Open Market Committee (FOMC) meeting will be held on July 30-31. Traders expect interest rates to remain unchanged then.
US stocks unexpectedly fell
However, although the US CPI data reported good news, investors seem to be shifting their targets and withdrawing from the technology giants that have performed strongly recently. Nvidia closed down 5.57% and Tesla fell 8.44%... According to statistics, the market value of the "Big Seven" in the US stock market evaporated by a total of nearly US$600 billion in a single day.
All four major indexes fell except for the Dow Jones:
The Dow Jones Industrial Average rose 32.39 points, or 0.08%, to close at 39,753.75.
The Nasdaq Composite Index fell 364.04 points, or 1.95%, to close at 18,283.41.
The S&P 500 index fell 49.37 points, or 0.88%, to close at 5,584.54.
The Philadelphia Semiconductor Index fell 204.88 points, or 3.47%, to close at 5,699.66.
