Bros!!! The October PPI we were waiting for last night is finally out—the monthly figure came in a little cooler than expected, but the year-over-year figure is scorching, nearly at a four-year high!!!
Official data from the U.S. Bureau of Labor Statistics (November 13): the Producer Price Index for final demand rose 0.3% month over month, versus the Dow Jones estimate of 0.4%. September was also revised up, from 1.3% to 1.4%. The year-over-year figure stings even more: it rose 6.5%, the biggest increase since November 2022 (when it was 7.4%).
In plain English, it’s slowed down compared with September’s jump, but don’t celebrate too soon haha. By the official measure, the index excluding food, energy, and trade services still rose 0.5% month over month—the same hot reading as September—and about 4.9% year over year. Goods rose 0.5%, with the year-over-year figure jumping to 10.2%, the biggest increase since October 2022. Services rose 0.2%.
After the data came out, CNBC reported that markets are still fully pricing in at least a 25-basis-point rate hike in December, with some chance of a 50-basis-point hike too. The 10-year Treasury yield was still around 5.14% late in the session. U.S. stocks jumped at first, then softened again toward the close: the Nasdaq ended at 25136.27, down 0.91%; the S&P 500 closed at 7561.67, down 0.4%; and the Dow edged up 0.1%, closing at 52347.55. Nvidia dropped another 2%. For the week, all three major indexes were down a little over 2%, but that’s the weekly reading at Friday’s close—not a sign that the risk is over~
Seriously, don’t take “monthly PPI came in a little below expectations” as a reason to think the good news is fully priced in and Bitcoin is about to rebound right away!!! The year-over-year figure is still the hottest in four years, and the rate hike hasn’t been taken off the table. U.S. stock markets are closed over the weekend, but crypto is still trading, so don’t go piling on leverage just yet.
I just checked CoinGecko: Bitcoin is around 68,200, down about 3.6% over the past 24 hours and about 10% over the week. On Binance futures, it dipped to around 67,400 over the past 24 hours, lower than the 67,600 mentioned in yesterday’s update. ETH is around 1,927, down about 4.1% in a day, with a Binance low of around 1,893. BNB is around 630, and SOL around 77. The total crypto market cap is about $2.32 trillion, down around 5.7% in a day. The Fear & Greed Index dropped straight from 20 yesterday to 13—it’s still in Extreme Fear, and people are even more scared haha.
Nvidia reports earnings next Tuesday (November 17), so let’s keep an eye on that for now~
Do you think Bitcoin can settle around 68,000 over the weekend, or will it dip lower first?
$BTC $ETH
#PPI #Crypto
Official data from the U.S. Bureau of Labor Statistics (November 13): the Producer Price Index for final demand rose 0.3% month over month, versus the Dow Jones estimate of 0.4%. September was also revised up, from 1.3% to 1.4%. The year-over-year figure stings even more: it rose 6.5%, the biggest increase since November 2022 (when it was 7.4%).
In plain English, it’s slowed down compared with September’s jump, but don’t celebrate too soon haha. By the official measure, the index excluding food, energy, and trade services still rose 0.5% month over month—the same hot reading as September—and about 4.9% year over year. Goods rose 0.5%, with the year-over-year figure jumping to 10.2%, the biggest increase since October 2022. Services rose 0.2%.
After the data came out, CNBC reported that markets are still fully pricing in at least a 25-basis-point rate hike in December, with some chance of a 50-basis-point hike too. The 10-year Treasury yield was still around 5.14% late in the session. U.S. stocks jumped at first, then softened again toward the close: the Nasdaq ended at 25136.27, down 0.91%; the S&P 500 closed at 7561.67, down 0.4%; and the Dow edged up 0.1%, closing at 52347.55. Nvidia dropped another 2%. For the week, all three major indexes were down a little over 2%, but that’s the weekly reading at Friday’s close—not a sign that the risk is over~
Seriously, don’t take “monthly PPI came in a little below expectations” as a reason to think the good news is fully priced in and Bitcoin is about to rebound right away!!! The year-over-year figure is still the hottest in four years, and the rate hike hasn’t been taken off the table. U.S. stock markets are closed over the weekend, but crypto is still trading, so don’t go piling on leverage just yet.
I just checked CoinGecko: Bitcoin is around 68,200, down about 3.6% over the past 24 hours and about 10% over the week. On Binance futures, it dipped to around 67,400 over the past 24 hours, lower than the 67,600 mentioned in yesterday’s update. ETH is around 1,927, down about 4.1% in a day, with a Binance low of around 1,893. BNB is around 630, and SOL around 77. The total crypto market cap is about $2.32 trillion, down around 5.7% in a day. The Fear & Greed Index dropped straight from 20 yesterday to 13—it’s still in Extreme Fear, and people are even more scared haha.
Nvidia reports earnings next Tuesday (November 17), so let’s keep an eye on that for now~
Do you think Bitcoin can settle around 68,000 over the weekend, or will it dip lower first?
$BTC $ETH
#PPI #Crypto