US Manufacturing Recovery Affects Rate Cut Expectations, Bitcoin Dips to 68K at One Point

Unexpected expansion in US manufacturing activity, strengthened expectations that the Federal Reserve (Fed) is not in a hurry to cut interest rates, led to a decline in risky assets such as stocks and Bitcoin. The communication application Telegram, highly related to TON, has recently received positive news, driving TON to a significant increase and quietly entering the top ten cryptocurrencies.

PMI Rises Above 50, Expectations of Rate Cut in June Decrease

The Institute for Supply Management (ISM) in the U.S. released data last night, showing that the Purchasing Managers' Index (PMI) for the U.S. manufacturing sector rose from 47.8 in February to 50.3 in March, marking the first time since September 2022 that it has crossed the key threshold of 50. This suggests that the manufacturing sector, which has been heavily impacted by high interest rates, is starting to recover.

This has raised concerns among investors that the Federal Reserve may be less likely to initiate a rate cut cycle in June. According to data from CME FedWatch, the probability of a rate cut in June has decreased to 53.5%, down from 70.8% on 3/21.

Decline in Risk Assets such as Bitcoin

Bitcoin experienced a drop last night, falling to $68,062 at one point. Bitcoin has been consolidating within a range recently, and a breakthrough above $72,000 is needed to trigger more buying interest, while support at $68,000 must be maintained.

Trends of Top 10 Cryptocurrencies by Market Capitalization

All of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, are showing a downward trend. The meme coin Dogecoin (DOGE), the progenitor of meme coins, has climbed to the sixth position, indicating that meme coins never go out of style. Recent positive news related to the communication app Telegram, highly associated with TON, has also driven a 150% surge in TON in March, quietly entering the top ten rankings.

21Shares launched a collateralized ETP TONN, leading to a 150% surge in TON in March.