Bitcoin, Ether surge over 9% as global markets bounce from brutal sell-off

US economic data released on Monday suggested that a recession isn't imminent. The July ISM Services PMI exceeded economists' expectations, registering at 51.4% (up from 48.8 in June and matching the forecast of 51.4), indicating sector expansion for the 47th time in 50 months. The inflation gauge within this data also surprised to the upside, further easing recession concerns.