Bitcoin (BTC) has experienced a significant drop, falling below the $68,000 mark, a stark contrast to its earlier price of around $70,000. This decline in Bitcoin’s value can be attributed to several key factors that have influenced the broader cryptocurrency market.
Source: CoinMarketCap
Factors Influencing Bitcoin’s Price Drop
Today’s pullback in the Bitcoin price can primarily be attributed to the S&P Global Purchasing Managers’ Index (PMI) report suggesting a hot US economy. This has led to a surge in the dollar which has in turn put pressure on risk assets such as cryptocurrencies.
In the PMI report, the economy was reported to be growing at its fastest pace in two years, which caused traders to shift their expectation of interest rate cuts, thus exerting more pressure on Bitcoin and other digital currencies.
At the same time, there is expectation about the decision of the U. S. Securities and Exchange Commission (SEC) on spot ether (ETH) exchange-traded funds (ETFs)
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