#btc BTC sell-off started earlier

A new report on the S&P Purchasing Managers' Index shows the US economy is red-hot, with output growing at its fastest pace in two years. That sent the dollar soaring as traders downgraded expectations for interest rate cuts, which could worsen the decline in risk assets. The S&P 500 broad market equity index fell 0.6% from its opening price.

One observer noted that the cryptocurrency's decline could be triggered by a large ETH sell order from trading firm Symbolic Capital Partner. Blockchain data shows the company sold 6,968 ETH worth $27.4 million within a minute