PMI Data Release: Manufacturing stabilizes, services slow down, overall adjustment in digital assets

Source: BlockMedia Original Title: [New York Coin Market/Start] PMI Manufacturing Stability·Service Slowdown…Digital Asset Weakness Original Link: https://www.blockmedia.co.kr/archives/1035528

Manufacturing PMI Meets Expectations, Service Sector Shows Signs of Slowdown

The US January Purchasing Managers’ Index(PMI) released after the opening of the New York stock market showed mixed trends across sectors. The US January Service PMI was recorded at 52.5, below market expectations of 52.9, and remained unchanged from the previous figure. Meanwhile, the US January Manufacturing PMI was at 51.9, meeting expectations and slightly up from 51.8.

The manufacturing PMI staying above the threshold of 50 indicates that manufacturing activity continues to expand gradually, suggesting stable growth. Especially since this figure aligns with market forecasts, it is seen as maintaining confidence in the manufacturing sector. However, the service sector indicator falling short of expectations has led to mixed assessments regarding the economic momentum.

Overall Decline in New York Stock Market Indices

The S&P 500 index on Eastern Time closed at 6896.67, down 16.68 points, or 0.24%, from the previous day. The Dow Jones Industrial Average fell 347.69 points, or 0.70%, to 49,036.32. The Nasdaq Composite declined 33.33 points, or 0.14%, to 23,402.69. The Russell 2000 index dropped 15.89 points, or 0.58%, to 2,702.87.

The volatility index(VIX), known as the fear index, rose 2.69% to 16.06.

Dollar Weakens, Gold and Oil Strengthen

In the foreign exchange market, the dollar showed slight weakness. The dollar index was at 98.31, down 0.05%. The US 10-year Treasury yield rose 0.05% to 4.25%, moving within a stable range.

Commodity markets showed strength. Gold rose 0.66% to $4,945.80 per ounce, and West Texas Intermediate(WTI) March crude oil increased 3.13% to $61.22 per barrel.

Digital Asset Market Corrects, Bitcoin and Ethereum Decline Together

The total market capitalization of digital assets decreased by 0.15% over 24 hours to approximately $3.01 trillion. Bitcoin(BTC) fell 0.39% to $88,709. Ethereum(ETH) declined 1.24% to $2,901.

Altcoins mostly declined. XRP(XRP) dropped 1.54%, Solana(SOL) fell 2.23%. Tron(TRX) decreased 0.21%, Dogecoin(DOGE) fell 1.67%. Cardano(ADA) declined 1.38%. Binance Coin(BNB) showed a slight increase of 0.04%.

Bitcoin dominance rose 0.1 percentage points to 59.2%. Ethereum dominance fell 0.2 percentage points to 11.7%.

Sharp Drop in Liquidation Volume, Long Positions in BTC and ETH Predominate

The liquidation volume in the digital asset market over the past 24 hours was $195.25 million, a decrease of 63.72% compared to the previous 24 hours. Of the total liquidations, long positions accounted for $130.44 million, and short positions for $64.82 million.

Ethereum liquidations were the largest at $57.38 million, with long positions at $46.56 million and short positions at $10.82 million, indicating a higher proportion of long liquidations. Bitcoin liquidations totaled $40.79 million, with $32.46 million in long positions and $8.33 million in short positions.