Daily News Brief!!! Why Bitcoin Dropped After Fed Rate Cut?
Bitcoin dropped sharply overnight and dropped below $56k. While the decline in the US and Asian markets also attracted attention, experts pointed to the low US Manufacturing data. Friday's non-farm payrolls and unemployment data will also be important in terms of price trends.
Global markets fell in a corelan pattern. While Bitcoin dropped below $56k overnight, the Nasdaq closed the day down 2.1% at 3.1% and the S%P 500. In Asian markets, the closing was also negative in Japan and South Korea.
ISM data cited as the reason
On the other hand, experts attributed the recent decline to the Manufacturing Purchasing Managers' Index data, released yesterday in the US and falling below expectations. Although the index score, which was released at 46.8 in July, was 47.2 in August, expectations were for 47.5. The fact that the index score in the manufacturing sector is below 50 indicates that this sector, which accounts for 10 percent of the US economy, is in decline. This rate, also known as the ISM PMI, has been below 50 for the past five months.
The decline has particularly affected technology stocks. Many stocks have fallen significantly, especially Nvidia. Nvidia has lost $280 billion in market value during the decline. After the decline, news of an investigation opened by the US Department of Justice also attracted attention.
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