🚨 Market Shock: ADP & ISM Services PMI Shake Crypto! What’s Next for Bitcoin & Altcoins?
The recent release of the ADP Non-Farm Employment Change and ISM Services PMI data has sent ripples through the financial markets, impacting cryptocurrencies and prompting reactions from political figures.
➡️ Economic Data Highlights:
◻️ ADP Non-Farm Employment Change: In May, the U.S. private sector added only 37,000 jobs, significantly below the expected 110,000 and marking the weakest gain since March 2023.
◻️ ISM Services PMI: The index dropped to 49.9, indicating a mild contraction in the services sector for the first time in nearly a year.
◻️ President Donald Trump criticized Federal Reserve Chair Jerome Powell on Truth Social, stating, "ADP NUMBER OUT!!! 'Too Late' Powell must now LOWER THE RATE." This comment underscores the political pressure on the Fed to adjust monetary policy in response to economic indicators.
🔥 Market Reactions:
- Cryptocurrencies: Bitcoin (
$BTC ) experienced a slight decline, trading at $105,476, down approximately 1.16% from the previous close. Ethereum (ETH) and Binance Coin (BNB) showed modest gains, trading at $2,662.01 and $669.44, respectively.
- U.S. Dollar Index (DXY): The index slipped to 98.847 following the weak economic data, reflecting increased expectations for Federal Reserve rate cuts.
🤔🤔 Is this the beginning of major move to the Upside??
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