After the announcement, the price of Bitcoin dropped below $63,000.
The US economy shrank in September for the sixth consecutive month.
The US economy shrank last month, according to the most recent US PMI data from S&P Global, which caused a decline in the price of bitcoin today. The data indicates that the US manufacturing PMI was about 47, a little lower than the number from the prior month. Notably, traders seem to be sitting on the sidelines before this week’s key economic announcements, as BTC was already seeing unstable trading.
S&P Global’s most recent US Purchasing Managers’ Index (PMI) data, which tracks the manufacturing and services sectors, showed a decrease to 47.3 in September from 47.9 the previous month. Notably, any value over 50 indicates a growth in the private sector while any reading below 50 denotes a shrinking economy.
Investors Looking for More Clarity
Notably, since June 2023, this is the biggest decline in new orders. Additionally, the statistics indicated that by the conclusion of the third quarter of 2024, the US manufacturing sector had further dipped into the contraction zone.
The recent drop in Bitcoin and other popular cryptocurrencies suggests that traders’ sentiment seems to have been affected by this contraction data as well. In the wake of the report, almost every cryptocurrency in the top tier, measured by market capitalization, has seen a decrease.
After the announcement, the price of Bitcoin dropped below $63,000. However, there has also been a noticeable fall in the value of other popular cryptocurrencies, including ETH. The US economy shrank in September for the sixth consecutive month, according to the most recent ISM manufacturing PMI statistics.
Investors are now looking for more clarity over this week’s scheduled market events. Investors will be eagerly monitoring the US nonfarm payroll and unemployment figures, for example, which are slated for later this week.
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