Consumer Price Index July 2023: Year-on-year inflation rose for the first time since June 2022, from 3% to 3.299%.
The July 2023 U.S. Consumer Price Index showed that the inflation rate increased year-on-year, from 3% in June 2023 to 3.29%. The inflation rate increased for the first time after 12 consecutive months of increases. The decline began in June 2022. The inflation rate previously peaked at 8.93% in June 2022, and then steadily declined over the following 12 months. While the inflation rate is rising, long-term Treasury yields have risen since May and are close to the peak in November 2022, indicating that investors are increasingly concerned about recent inflation and long-term high interest rate policies. At the same time, the unemployment rate remained relatively stable at 3.5% in July.
Gasoline prices increased $0.30 per gallon in July, while crude oil prices increased $13.00 per barrel. The recent surge in energy prices has raised concerns among investors that inflation will rise again in the future.
Commodity Futures Trading Commission (CFTC) reports show that commercial institutions do not hold large net long or net short positions heading into August. Prior to this, commercial institutions took advantage of the June rally to reduce their net long position.
YGG futures were launched on Binance on August 5, and since then, open interest has increased rapidly, exceeding the total market value of $144 million reported by Coinmarketcap on August 6, 2023. The launch of YGGUSDT futures on Binance attracted a large number of traders, accompanied by soaring open interest, market volatility and increased trading volume. On August 7, the YGG rally ended, and more than $100 million of open interest was liquidated. Trading activity has since decreased.
DODOUSDT was launched on Binance on August 8, and its open interest has accumulated rapidly since then, reaching $150 million as of August 11. Open interest is currently three times its market capitalization at $53 million.
The launch of DODOUSDT on Binance sparked interest among traders, with open interest quickly accumulating to $150 million in just a few days. The surge in open interest is particularly noteworthy because it is three times the market value of DODO, indicating that traders are eager to take positions.
It is worth noting that DODOUSDT’s open interest is still relatively small compared to other cryptocurrencies, but the rapid growth in open interest suggests that more and more traders may be taking notice of DODO. We may see further increases in open interest and volatility in the coming days and weeks.
BNTUSDT contracts were launched on Binance on August 10, and since then, both Bybit and Binance have seen a significant increase in total trading volume and open interest. As of August 11, BNTUSDT’s open interest has reached $40 million, with a market cap of $78 million.
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