China continues to ramp up fiscal stimulus measures, with both the stock market and cryptocurrencies on the rise.

The strong data released by the United States yesterday, coupled with China's continued fiscal stimulus measures, led to a general rise in the stock market and cryptocurrency prices. The S&P 500 index has hit 42 historical highs this year, with gold once again rising and approaching the $2,700 mark. Bitcoin has surpassed $65,000, and the top ten cryptocurrencies by market capitalization have all seen increases.

Gold continues to reach new highs, with the stablecoin market value reaching $1.1 billion.

Strong U.S. Economic Data; Yellen: Heading for Soft Landing

The United States saw a decrease of 4,000 in weekly jobless claims to a four-month low of 218,000, below economists' forecast of 225,000.

Other reports indicate that second-quarter corporate profits grew at a faster pace than initially expected, while second-quarter Gross Domestic Product (GDP) grew by 3%.

Many Federal Reserve officials spoke on Thursday, but several, including Fed Chair Powell, declined to comment on monetary policy.

U.S. Treasury Secretary Yellen stated that labor market and inflation data suggest the U.S. economy is on a path to a "soft landing," with the final hurdle to curb inflation revolving around lowering housing costs.

China to Implement More Fiscal Stimulus

Chinese leader Xi Jinping pledged on Thursday to push for a 5% economic growth target in 2024 and prevent a slide in the real estate market. According to Reuters, under the guidance of top leadership, the Ministry of Finance and several government agencies have been formulating fiscal stimulus measures in recent weeks to revive the economy. Besides issuing special sovereign debt to support consumption, Chinese authorities also plan to gradually increase financial support for small and medium-sized enterprises, such as employment subsidies and tax relief, to reduce their operating costs.

Morgan Stanley expects China to provide more fiscal support for housing and social welfare spending in the coming months.

This is not a "whatever it takes" moment, but it shows Beijing is taking monetary tightening seriously and exploring all options.

Cryptocurrencies Rise Across the Board; Bitcoin Surpasses 65K

With market optimism spreading, cryptocurrencies are on the rise, with Bitcoin surpassing 65K and BNB approaching the $600 mark.