Data from the Institute for Supply Management (ISM) showed that U.S. manufacturing activity remained weak in August, signaling continued weakness in the sector.
The ISM reported that its manufacturing PMI rose to 47.2 last month from 46.8 in July, the lowest level since November. A PMI below 50 indicates a contraction in the manufacturing sector, which accounts for 10.3% of the U.S. economy.
Cryptocurrency Tracking
At 1:02 pm IST, Bitcoin was trading down over 4% at $56,508, while Ethereum was down 5.2% at $2,385. The broader cryptocurrency market also saw gains, with BNB down 4%, Solana down 3.4%, XRP down 2.6%, Dogecoin down 4.17%, Toncoin down 9.2%, and Cardano down 5.2%.“The bearish sentiment in cryptocurrencies is being driven by the ISM Manufacturing PMI data, which indicates an ongoing economic contraction,” said Shivam Thakral, CEO of BuyUcoin. “The interplay between traditional and crypto markets is becoming increasingly evident as traders adjust their expectations based on the Federal Reserve’s interest rate decisions. While cryptocurrencies may see some volatility, strong trading activity suggests the potential for recovery and growth.” Looking ahead, a slew of U.S. economic reports will be released this week, including job openings, jobless claims, and the critical nonfarm payrolls report scheduled for Friday. These reports will be key in determining whether the Fed’s planned rate cut will be implemented as expected or will be more substantial. “Bitcoin fell amid increasing selling pressure, mirroring declines in U.S. and Asian equity markets. Investors are closely watching the upcoming US data, which could provide insights into a possible interest rate cut by the Federal Reserve,” said Edul Patel, CEO of Mudrex. “Bitcoin’s immediate support is around the $56,350 level. Further losses could push the price down to the $53,500 support level in the near term.” Meanwhile, the global cryptocurrency market cap has fallen below the $2 trillion mark, declining by 4.34% to around $1.98 trillion in the last 24 hours.
The volume of all stablecoins is now $62.96 billion, or 92.79% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, has dropped to $1.11 trillion. Bitcoin’s dominance is currently at 56.18%, according to CoinMarketCap. BTC volume in the last 24 hours has increased by 28.8% to $32.9 billion.
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