look news india
Mumbai: The impact of weak manufacturing data in the US has been seen on global equity markets as well as cryptocurrencies. The price of leading crypto Bitcoin fell more than five percent to below $56,000. The prices of other cryptos Ethereum, Solana, BNB behind Bitcoin also remained soft. The market cap of global crypto was also seen below two trillion dollars.
In the last twenty-four hours, Bitcoin fell to a low of $55,500 and closed at $56,700 late in the evening. Bitcoin was seen at a high of $59323. Ethereum was quoted at $2402 at the bottom and $2518 at the top.
Weakness in the manufacturing sector has raised fresh concerns about the US economy. Players' morale was down due to the weak data.
According to data released by the Institute for Supply Management, the purchasing managers' index of the US manufacturing sector for August was 47.20. An index below 50 is considered a contraction of that sector.
Crypto prices may see volatility ahead of the Federal Reserve meeting in the US in the third week of the current month. Crypto market sources said that data on unemployment and non-farm payrolls to be released this week will give a clear indication of whether the Federal Reserve will cut interest rates or not.
As a result of the sell-off in crypto, the global market capitalization of crypto fell below two trillion dollars on Wednesday.