Bitcoin breaks through 63,000, and Ethereum stands at $3,400! What volatility risks should we pay attention to this week?

After hitting as low as $60,055 last Saturday, Bitcoin continued to fluctuate within a narrow range at the level of 61,000. However, it has continued to rise since it broke through $62,000 at 6 o'clock this morning. As of this writing, it has reached a maximum of $63,374, up 4.27% in the past 24 hours.

Ethereum breaks through US$3,400

Ethereum’s trend is the same as that of Bitcoin but the increase is slightly weaker. It is currently trading at US$3,459 at the time of writing, up 3.37% in the past 24 hours.

USD 112 million has been liquidated across the entire network in the past 24 hours

Amidst the fluctuations of Bitcoin’s jump, according to Coinglass data, over the past 24 hours, the amount of cryptocurrency liquidation across the entire network has exceeded US$112 million (short positions accounted for US$79 million). Nearly 35,000 people were liquidated.

What volatility risks should we pay attention to this week?

Although Bitcoin showed a long-lost rise on the first day of July, it remains to be seen whether the trend has reversed. The following is a summary of several observation points that may bring fluctuations to the market this week:

1. Global manufacturing and service PMI

The US S&P and ISM PMI indices will be released from Monday to Wednesday, and Europe will also release HCOB PMI index.

The Manufacturing Purchasing Managers Index (PMI) measures the activities of manufacturing purchasing managers. An index above 50 means the manufacturing industry is expanding; an index below 50 means the manufacturing industry is shrinking. If the indicator is higher than expected, it is usually considered a strength/up for the US dollar, and if it is negative, it is considered a weakness/down for the US dollar.

2. US Non-Farm Employment

In addition to PMI, the US will release non-farm employment data on Friday evening. Economists predict that the unemployment rate may remain at 4%, and average hourly earnings are expected to increase by 3.9% from June last year, the smallest annual increase in three years.

3. Federal Reserve FOMC meeting minutes

On Wednesday evening, the Federal Reserve will release the minutes of the June Federal Open Market Committee (FOMC) meeting, which can further analyze the attitude of officials. However, the attitude of most officials has clearly become more conservative in recent months, so there should not be much fluctuation.

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