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Thursday’s PPI data, which reflects inflation from the producer’s perspective, also showed positive signs. The regular PPI came in at 2.2% (vs. 2.5% expected), while Core PPI Y/Y was 2.3% (vs. 2.4% expected). Monthly data was particularly encouraging, with negative or zero growth reported against positive expectations.
Consumer Sentiment
Friday’s consumer sentiment data came in lower than expected at 65.6 (vs. 72.1 expected). While this indicates economic weakness, it paradoxically can be seen as a positive signal for risk-on assets, as it may increase the likelihood of interest rate cuts.
FOMC and Jerome Powell’s Hawkish Stance
Despite the encouraging inflation data, Federal Reserve Chair Jerome Powell delivered an unexpectedly hawkish speech on Wednesday evening. Powell maintained a strict stance on monetary policy and revised downward the number of potential rate cuts for 2024. This hawkish tone contrasts with the market’s increasing expectation of necessary rate cuts, especially in light of growing U.S. government debt and signs of potential recession.
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The cryptocurrency market has been experiencing a prolonged bearish trend, with major cryptocurrencies such as Bitcoin, Ethereum, Solana, and Litecoin continuing to drop in value. This negative sentiment persists despite several positive economic indicators that would typically favor risky assets. Crypto analyst Michaël van de Poppe offers insights into the factors contributing to this puzzling market behavior.
Earlier this week saw the release of several important macroeconomic data points that paint a complex picture of the current economic landscape.
Consumer Price Index (CPI) Data
Wednesday’s CPI data came in lower than expected, which is generally favorable for risk-on assets like cryptocurrencies. The regular CPI was reported at 3.3% (vs. 3.4% expected), while Core CPI Regular came in at 3.4% (vs. 3.5% expected). Monthly data was also positive, with figures coming in below expectations.
The #Crypto markets continue to drop, why?This week was filled with macroeconomic data, which all turned out to be bad. However, the Dollar continued its strength the previous week, while Gold was strong too.#Bitcoin’s price action was terrible, through which altcoins have…

This distinction is crucial as scammers often exploit the credibility of well-known figures in the industry to deceive the community.
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The crypto community is thus strongly encouraged to remain alert to the presence of such fake accounts. In this regard, the Binance cofounder urges the crypto community to report any suspicious activity and fake accounts to the appropriate authorities to aid in the prevention of additional scams. This collective effort is vital in preventing others from getting scammed.

Binance Cofounder Issues Key Alert to Crypto Community
Trending
In a critical message to the crypto community, Binance cofounder Yi He has issued a warning about a fake account impersonating her, which has led to some users being scammed. The alert comes after it was reported that an individual fell victim to a malicious link posted by the fake account, resulting in the theft of 60 ETH.
Yi He took to her official X account, @heyibinance, to inform her followers and the broader crypto community about the impersonation. She emphasized that this account is her only legitimate social media presence and that Binance Coin (BNB) is the only token she endorses.
I noticed that a fake account has impersonated me and some users have been scammed. It’s been reported to me that someone has clicked into a malicious link and 60 ETH was stolen.@heyibinance is my only account. And $BNB is the only token that I endorse. Please stay alert to… pic.twitter.com/A91lxN7a5z

Binance Chinese's warning
Echoing Yi He's warning, Binance Chinese has also advised users to exercise caution when dealing with online information. They emphasize the importance of not clicking on unknown links or scanning unfamiliar QR codes.
Users are advised to protect their personal information and assets diligently and to always seek verification through official channels before engaging with any crypto-related content.
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This recent incident involving the Binance cofounder underscores the growing sophistication of online scams and the importance of vigilance in the digital asset space. The crypto community is urged to remain cautious and verify the authenticity of information before proceeding with any action.

To avoid scams on Binance P2P, follow these safety tips:
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1. **Verify the user**: Check the user's verification level and reputation score. Higher levels and a good reputation reduce the risk.
2. **Use Binance's escrow service**: The escrow service holds funds until the transaction is complete, protecting you from fraud.
3. **Be cautious of unusually low prices**: If a deal seems too good to be true, it probably is.
4. **Don't share personal info**: Never share personal information, such as passwords or credit card details.
5. **Use secure payment methods**: Stick to payment methods supported by Binance, like credit cards or bank transfers.
6. **Communicate through Binance's chat**: Avoid moving conversations to external platforms or sharing personal contact info.
7. **Double-check transaction details**: Ensure the amount, asset, and recipient's information are correct before confirming.
8. **Report suspicious users**: If you suspect a scammer, report them to Binance's support immediately.
Always prioritize caution and follow these guidelines to minimize the risk of falling victim to scams in Binance P2P transactions.

To be a successful trader on Binance, follow these strategies:
1. *Educate yourself*: Learn technical analysis, chart patterns, and trading indicators.
2. *Set clear goals*: Define your risk tolerance, profit targets, and trading strategy.
3. *Choose the right assets*: Select cryptocurrencies with high liquidity and volatility.
4. *Use stop-loss orders*: Limit potential losses by setting stop-loss orders.
5. *Diversify your portfolio*: Spread investments across multiple assets to minimize risk.
6. *Stay up-to-date*: Follow market news, trends, and analysis to make informed decisions.
7. *Manage risk*: Control position sizes and avoid over-leveraging.
8. *Practice discipline*: Stick to your strategy and avoid impulsive decisions.
9. *Monitor and adapt*: Continuously review and adjust your strategy as markets change.
10. *Stay patient and persistent*: Trading success rarely happens overnight.
Additionally, consider the following tips:
- Use Binance's advanced trading tools, such as margin trading and futures.
- Set realistic expectations and avoid getting caught up in hype.
- Keep your account secure with strong passwords and 2FA.
- Utilize Binance's mobile app for convenient trading.
- Stay organized and keep records of your trades.
Remember, success in trading requires dedication, discipline, and continuous learning.

Binance Spot API Service Upgrade (2024-06-06)
Fellow Binancians,
In order to improve the trading experience of Spot API users, the Binance Spot API will add a new parameter "orderRateLimitExceededMode" on 2024-06-06 (UTC). 
When the order rate limit is exceeded, the "orderRateLimitExceededMode" mode will allow “cancelReplace'' to cancel orders, but it does not allow placing new orders. 
Respective endpoints with the new parameter included:
REST API: POST /api/v3/order/cancelReplace 
WebSocket API: order.cancelReplace 
Notes: 
Spot trading will not be impacted during the upgrade.
An update to this announcement will be made when the upgrade is complete.
More information is available at Binance Spot API Doc.
There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.
Thank you for your support

A Complete Beginner's Guide: Starting Your Crypto Journey with Only $1 on Binance
Cryptocurrencies have revolutionized the financial world, providing opportunities for everyone to participate in the global economy. Whether you're curious about digital assets or looking to make your first investment, starting with just $1 on Binance is a practical and exciting way to begin. This guide will walk you through the steps to start your crypto journey with a minimal budget.
1. Setting Up Your Binance Account
Step 1: Sign Up
- Visit the Binance website or download the Binance app.
- Click on "Register" and enter your email address and a strong password.
- Agree to the terms of service