Data from the Institute for Supply Management (ISM) revealed that U.S. manufacturing remained subdued in August, signaling ongoing weakness in the sector.
The ISM said its manufacturing PMI rose to 47.2 last month from 46.8 in July, which was the lowest reading since November. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.3% of the US economy.
Crypto Tracker
At 1:02 pm IST, Bitcoin was trading over 4% lower at $56,508, while Ethereum had declined 5.2% to $2,385. The broader crypto market also experienced gains, with BNB down 4%, Solana falling 3.4%, XRP declining by 2.6%, Dogecoin by 4.17%, Toncoin by 9.2%, and Cardano by 5.2%.“Bearish sentiment in cryptocurrencies is impacted by the ISM Manufacturing PMI data, which indicates ongoing economic contraction,” said Shivam Thakral, CEO of BuyUcoin. “The interplay between traditional and cryptocurrency markets is becoming increasingly apparent as traders adjust their expectations based on Federal Reserve interest rate decisions. While cryptocurrencies may experience volatility, strong trading activity suggests potential for recovery and growth.”Looking ahead, a series of U.S. economic reports will be released this week, including job openings, jobless claims, and the critical nonfarm payrolls report scheduled for Friday. These reports will be crucial in determining whether the anticipated Federal Reserve rate cut will be implemented as expected or be more substantial.”Bitcoin has dropped amid increasing selling pressure, reflecting declines in both U.S. and Asian equity markets. Investors are closely monitoring upcoming U.S. data, which could provide insights into a potential interest rate cut by the Federal Reserve,” said Edul Patel, CEO of Mudrex. “Bitcoin’s immediate support is around the $56,350 level. Further losses could push the price down to the $53,500 support level in the near term.”Meanwhile, the global cryptocurrency market cap fell below the $2 trillion mark, decreasing by 4.34% to approximately $1.98 trillion over the last 24 hours.
The volume of all stablecoins is now $62.96 billion, 92.79% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, dropped to $1.11 trillion. Bitcoin’s dominance is currently 56.18%, according to CoinMarketCap. BTC volume in the last 24 hours rose 28.8% to $32.9 billion.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
This news is republished from another source. You can check the original article here
