US manufacturing unexpectedly expanded, strengthening expectations that the Federal Reserve (Fed) is not in a rush to cut interest rates. As a result, risky assets such as stocks and Bitcoin fell. The messaging application Telegram, which is highly associated with TON, has recently received positive news, leading to a surge in TON and quietly entering the top ten cryptocurrencies.
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PMI rises above 50, expectations of rate cut in June decline
Decline of risky assets such as Bitcoin
Trends of the top ten cryptocurrencies by market value
Last night, the Institute for Supply Management (ISM) released the US Manufacturing Purchasing Managers’ Index (PMI) for March, which rose from 47.8 in February to 50.3. This is the first time since September 2022 that the PMI has surpassed the 50-point threshold, indicating that the manufacturing industry, which has been affected by high interest rates, is starting to recover.
This has also raised concerns among investors that the probability of the Fed initiating an interest rate cut cycle in June has decreased. According to CME FedWatch data, investors believe the probability of a rate cut in June has decreased to 53.5% (compared to 70.8% on March 21).
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Bitcoin was affected by the data last night, falling to $68,062 at one point. Bitcoin has been consolidating within a range recently, and a break above $72,000 may trigger more buying interest, while support at $68,000 needs to hold.
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The top ten cryptocurrencies by market value (excluding stablecoins) are all showing a downward trend. The original meme coin, Dogecoin (DOGE), has risen to sixth place, indicating that meme coins are always popular. The messaging application Telegram, which is highly associated with TON, has recently received positive news, leading to a 150% surge in TON in March, quietly pushing it into the top ten.
(21Shares launches collateralized ETP TONN, TON surges 150% in March)
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FedWatch
PMI
TON
Bitcoin
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Further reading
Coinbase Research Director: Institutional ETF Observation Period Ends, Expecting a Large Influx of Bitcoin ETFs in Q2
Tether Increases Holdings of 8,888 Bitcoins, with Floating Profits Exceeding $3 Billion