cryptocurrency-and-forex-market2.53 min read Bitcoin Slides 5% as Strong U.S. Factory Data Boosts Dollar to 5-Month High
Bitcoin dropped over 5% to below $66,500 as upbeat U.S. factory data boosted the dollar index to a nearly 5-month high, causing selling pressure on the cryptocurrency. The unexpected expansion in U.S. manufacturing activity in March reduced the probability of a June Fed rate cut, leading to a 4% decline in Bitcoin's value. The broader crypto market also experienced losses, with the dollar's strength making dollar-denominated assets like Bitcoin more expensive. Analysts are divided on the impact of the manufacturing data on Fed rate cuts, with some expecting rapid rate cuts due to fiscal debt, while others anticipate continued volatility in the crypto market amid upcoming job reports and the Bitcoin blockchain's mining reward halving later this month.
1 year ago•Source: CoinDesk
