The performance of the US stock market before 10 PM was decent, with all three major stock index futures rising. However, after 10 PM, they began to decline, likely due to the July ISM Non-Manufacturing PMI data. This data represents the economic trends of new imports and exports in the US, and the decline in the data indicates that tariffs are starting to impact global trade. The previous value was 50.8, the market expectation was 51.5, and the actual value was 50.1, which not only fell short of expectations but also dropped below the previous value.

Although 50.1 is barely above the expansion-contraction line, it is significantly lower than expected, indicating that the expansion of the service sector is very weak, almost stagnant. Since the service sector accounts for a large proportion of the US GDP, the decline in PMI is easily interpreted as a lack of economic momentum. Coupled with the recent drop in non-farm payroll data, concerns about the US economy may lead the market to be more cautious about economic prospects.

Bitcoin is essentially highly correlated with the US stock market, so when the overall US stock market declines, it is also difficult for $BTC to remain unaffected. Investors' concerns about the economy are becoming more apparent.

This article is sponsored by #Bitget ｜ @Bitget_zh

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