Cryptocurrency Price on April 2: Bitcoin falls 6% to $66,400 after release of US March manufacturing data
U.S. manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, but employment at factories remained subdued and prices for inputs were pushed higher.
The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI increased to 50.3 last month, the highest and first reading above 50 since September 2022, from 47.8 in February.
This development has tempered expectations for a potential rate cut, suggesting a delay in such measures.
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View Details»«Bitcoin fell to the $66,000 mark as strong US data supported the view that the Federal Reserve will be slow to cut rates in June,» said Edul Patel, CEO of Mudrex.
On a similar line, Shivam Thakral, CEO of BuyUcoin, said, «Bitcoin made a pullback of more than 5% and plunged to $66,000. BTC reacted to US manufacturing sector data for March, which rose more than expected. The Bitcoin spot ETF volumes have also dried up compared to the volumes in March. Bitcoin and the crypto market is usually expected to be
