Crypto market sentiment boosted by slowing U.S. economy and rebounding inflation

According to BlockBeats, last week's economic data showed that the US economic data returned to the state at the beginning of the first quarter, with GDP revised down, consumption declining, global inflation momentum began to unexpectedly pick up, and the eurozone HICP re-accelerated to 2.9% year-on-year. The slowdown in US economic data is now too widespread to ignore. The Atlanta Fed's GDP forecast has now fallen below 2%, and real disposable income growth has slowed to below 1%.

Due to the continuous deceleration of PCE last Friday, the 10% drop in oil futures, and people's expectations of an ideal economic slowdown, macro assets have rebounded sharply in the past few trading days. This week will have a series of important data releases, including today's JOLTS, Wednesday's ADP and ISM service industry indexes, and Friday's non-farm payrolls.

In terms of the election, the probability of former President Trump's election has jumped to more than 50%. In terms of cryptocurrencies, market sentiment has been boosted since last Friday as the US stock market rebounded and overall risk sentiment recovered. BTC once again challenged $70,000 and ETH also hovered at $3,800.