The Producer Price Index (PPI) released last night was beyond expectations, causing the S&P 500 and Nasdaq indices to retreat from their highs. Bitcoin briefly surged to $102,540, and despite a pullback, it still hovered above $100,000 before the deadline. The Trump-supported crypto project (World Liberty Financial, WLF) is rumored to be buying heavily, with related tokens AAVE and LINK performing well.
PPI and initial unemployment claims exceeded expectations, causing US stocks to retreat from their highs.
The US weekly unemployment claims released on Thursday saw a larger-than-expected increase, while the Producer Price Index (PPI) also came in above expectations, driven by soaring egg prices, leading to accelerated wholesale inflation in the US in November.
A report released by the US Department of Labor on Thursday showed that the PPI in November rose by 0.4% compared to the previous month, exceeding economists' expectations of 0.2%. The year-on-year increase was 3%, the highest since February 2023. The number of initial unemployment claims in the US reported 242,000, far exceeding market expectations.
Chris Larkin from Morgan Stanley E*Trade stated, "The rising egg prices seem to be a key factor causing the Producer Price Index (PPI) to exceed expectations, and traders may pay closer attention to the surge in unemployment claims. Despite a steady stream of reliable labor data, the Fed is ready to stay sensitive to any signs of a softening job market."
Tokens related to WLF performed well yesterday.
Yesterday, Bitcoin briefly surged to $102,540, and despite a pullback, it still hovered above $100,000 before the deadline.
Trump-supported crypto project (World Liberty Financial, WLF) made significant purchases yesterday (12/12), including $10 million in Ethereum (ETH) and $20 million in AAVE and LINK tokens. Following the news, the prices of related tokens skyrocketed.
(Trump's crypto project WLF splashes $30 million to buy coins! ETH rises 7%, AAVE and LINK soar 30%)
Ethereum attempted to challenge the $4,000 barrier yesterday but fell back above $3,800 before the deadline. LINK and AAVE tokens related to the Trump-supported crypto project (World Liberty Financial, WLF) still saw a 24-hour increase of 19% and 21%, respectively.
Recently becoming a new partner of World Liberty, Tron saw its token TRX rise by 5% yesterday. However, the collaboration between Trump and his new Middle East envoy, billionaire Steve Witkoff, on a cryptocurrency platform, as well as Tron being used by certain terrorist organizations in some countries as a tool for cryptocurrency transfer, raises concerns about potential conflicts of interest for Trump.
(Tron investment in World Liberty raises concerns from US experts about potential conflicts of interest for Trump)
This article discusses how US stocks retreated from their highs, and the Trump crypto project WLF's coin purchases boosted the crypto trend. It first appeared in Chain News ABMedia.
