Cryptocurrency Price on April 2: Bitcoin falls 6% to $66,400 after release of US March manufacturing data

The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI increased to 50.3 last month, the highest and first reading above 50 since September 2022, from 47.8 in February.

This development has tempered expectations for a potential rate cut, suggesting a delay in such measures.

"Bitcoin fell to the $66,000 mark as strong US data supported the view that the Federal Reserve will be slow to cut rates in June," said Edul Patel, CEO of Mudrex.

On a similar line, Shivam Thakral, CEO of BuyUcoin, said, "Bitcoin made a pullback of more than 5% and plunged to $66,000. BTC reacted to US manufacturing sector data for March, which rose more than expected. The Bitcoin spot ETF volumes have also dried up compared to the volumes in March. Bitcoin and the crypto market is usually expected to be significantly volatile a few days before the Bitcoin halving."

At 10.39 a.m., other altcoins such as Solana (-8.7%), (-5.8%), (-4.5%), (-12.8%), Cardano (-7.6%), Shiba Inu (-10.3%), and Bitcoin Cash (-12.8%) declined.

The global market cap declined 6% to around $2.52 trillion in the last 24 hours.

The total volume in DeFi is currently $10.72 billion, 9.07% of the total crypto market 24-hour volume. The volume of all stablecoins is now $107.54 billion, which is 91.05% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.312 trillion. Bitcoin's dominance is currently 52.14%, according to CoinMarketCap. BTC volume in the last 24 hours rose 101.5% to $42 billion.

"Bitcoin’s retest of $61,000 last month should serve as strong support in case the market dips further before bouncing back. In this scenario, investors can look at buying the dips to cash in on the opportunity," said Vikram Subburaj, CEO of Giottus.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times