Cryptocurrency prices on September 4: Bitcoin, Ether decline up to 5% on US growth worries

economictimes.indiatimes.com:

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.

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%.

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«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