The post Bitcoin Dips After US PMI Data Shows Shrinking Economy appeared on BitcoinEthereumNews.com.

Bitcoin price slips today, after the latest US PMI data by the S&P Global shows that the US economy contracted last month. According to the data, the US manufacturing PMI came in at around 47, slightly down from the previous month’s figure. Notably, BTC was already noting volatile trading as traders appear to be waiting on the sideline ahead of the major economic releases this week. US PMI Shows A Contracting US Economy The latest US Purchasing Managers’ Index (PMI) data by S&P Global, which monitors both the manufacturing and services sector, came in at 47.3 in September, down from the previous month’s figure of 47.9. Notably, a reading below 50 indicates a shrinking economy while any reading above 50 indicates a expansion in the private sector. Notably, this marks the sharpest fall in new orders since June 2023. The data also showed that the US manufacturing segment moved deeper into the contraction area at the end of the third quarter of 2024. Meanwhile, this contracting data also appears to have weighed on the traders’ sentiment, as evidenced by the recent decline in Bitcoin and the other top altcoins. Almost all the altcoins in the top segment, as per market cap, have noted a decline following the data. Bitcoin And Other Altcoins Slip Following The Data Following the release, BTC price fell below the $63,000 mark, with its trading volume soaring 16% to $33.40 billion. On the other hand, other top altcoins like ETH, SOL, BNB, and others, have also noted a sharp decline. Meanwhile, the latest ISM manufacturing PMI data also showed that the US economy has contracted for the sixth straight month through September. According to the latest data, the Manufacturing PMI comes in at 47.2. This set of data appears to have weighed on the investors’ sentiment,…

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Filed under: News - @ October 1, 2024 3:27 pm