Bitcoin Breaks 63000 and Ethereum Surpasses 3400 This Week Global Economic Indicators US Nonfarm Payrolls and FOMC Meeting Minutes Fluctuation Alert

CoinJing.com reported:


Bitcoin and Ethereum opened a new wave of gains early this morning, breaking through $63,000 and $3,400 respectively. What global economic events should we pay attention to this week?
After hitting a low of $60,055 last Saturday, Bitcoin has been trading in a narrow range around $61,000. However, it started to rise continuously after breaking through $62,000 at 6 a.m. today. At the time of writing, it reached a high of $63,422, a 4.08% increase in the past 24 hours.


Ethereum breaks $3,400
As for Ethereum, its trend is similar to Bitcoin’s but with slightly weaker momentum. At the time of writing, it is trading at $3,499, a 3.92% increase in the past 24 hours.


Over $112 million liquidated in the past 24 hours
During the volatile surge of Bitcoin, according to Coinglass data, the total amount of liquidations in the cryptocurrency market exceeded $112 million in the past 24 hours (with short positions accounting for $79 million), and nearly 35,000 people were liquidated.


Volatility risks to watch out for this week:
Although Bitcoin saw a rare surge in early July, whether it has reversed its trend still needs to be observed over time. Here are a few key observation points that may cause market volatility this week:
Global Manufacturing and Services PMI
From Monday to Wednesday, the United States will release the PMI indices of S&P and ISM, while Europe will release the PMI index of HCOB. The Purchasing Managers’ Index (PMI) measures the level of activity of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion, while below 50 indicates contraction. If the index exceeds expectations, it is usually seen as a strengthening of the US dollar, and vice versa.
US Non-Farm Payrolls
In addition to the PMI data, the US will release non-farm payroll data on Friday evening. Economists expect the unemployment rate to remain at 4%, and average hourly earnings to increase by 3.9% compared to June last year, which is the smallest annual increase in three years.
Federal Open Market Committee (FOMC) Meeting Minutes
On Wednesday evening, the Fed will release the minutes of the June FOMC meeting, which will provide further analysis of officials’ attitudes. However, as most officials have been conservative in recent months, it is not expected to cause significant volatility.
These factors may all have a significant impact on the market, and investors need to closely monitor them.