According to BlockBeats, on December 13, the latest data showed that the US November PPI rose more than expected, with a month-on-month increase reaching a seven-month high, indicating a warming of inflation. The market expects a 25 basis point rate cut next week, but is betting on a pause in rate cuts in January next year.
According to 4E monitoring, the market has fully priced in expectations for a rate cut in December, but the latest data has increased uncertainty about the Fed's rate cut outlook for next year. The three major US stock indices fell together, with the Dow Jones down 0.53% for a six-day losing streak, the S&P 500 index down 0.54%, and the Nasdaq down 0.66%. Major tech stocks mostly fell after failing to maintain their momentum earlier in the week, with Nvidia down 1.41%, Tesla down 1.57%, cryptocurrency stock MSTR down 4.67%, and Coinbase down 0.27%.
The cryptocurrency market experienced a rise and fall; when Trump rang the opening bell at the New York Stock Exchange, he stated that he would do great things in the cryptocurrency space, which temporarily pushed Bitcoin above $102,000. However, it subsequently fell below $100,000 again due to the drag from US stocks, causing a collective retreat in the crypto market. The DeFi sector showed strong performance, driven by the Trump family project WLFI purchasing ETH, AAVE, and LINK, leading to a widespread increase in DeFi tokens. Currently, WLFI holds approximately $74.9 million worth of cryptocurrencies, with the largest holding being ETH, which the market views as a sign of the Trump family's optimism about Ethereum's potential and an early layout of their cryptocurrency strategy.
In terms of foreign exchange commodities, inflation data boosted the US dollar index by 0.31%, marking the fifth consecutive day of gains; the International Energy Agency (IEA) forecast of oversupply for next year offset the optimistic sentiment around interest rate cuts, dragging down both US and Brent crude oil prices; the strengthening dollar exerted pressure on gold, and the strong PPI data further diminished gold's appeal as a safe haven, leading to a significant drop in gold prices, with London spot gold falling by 1.33%.
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