look news india
Mumbai: Stronger-than-expected March manufacturing data in the US weighed on the cryptocurrency market, leading crypto Bitcoin to fall to $4,300 as interest rate cuts become less likely.
In the last twenty-four hours, Bitcoin traded at a low of $65148 and a high of $7085 at $65700 late in the evening. After Bitcoin, Ethereum also fell by $190 to $3340.
US manufacturing sector figures in March were at the highest level in one and a half years. There has been a tremendous increase in production and new orders. The employment situation in manufacturing units is weak and the prices of raw materials have increased.
US Manufacturing PMI is at 50.30 which is the highest since September 2022. The possibility of a rate cut has become longer due to increasing manufacturing activity in America.
Bitcoin spot ETF volumes also fell as a result of the strong data. The global market capitalization of cryptocurrencies fell to $2.52 trillion.
Players were also seen selling crypto and switching to dollars. As a result, the dollar index rose to a five-month high of 105.