The price of Bitcoin (BTC) experienced significant volatility, characterized by sharp selloffs and growth, driven by the release of the ISM Manufacturing PMI data in the United States. The PMI reading came in at 48.5, indicating a possible strain on the economy, potentially leading to increased inflation. This data caused a knee-jerk reaction among investors, resulting in a flash crash. However, Bitcoin has since stabilized, and its recovery path looks upward in the coming weeks. A major factor driving Bitcoin's growth this year is the spot ETF product, which still has the backing of prominent Wall Street firms. Furthermore, the halving event has reduced Bitcoin's supply, creating potential for price rebound. Overall, the market remains optimistic about Bitcoin's future prospects.
Coingape•10 months ago•
1030
Bitcoin (BTC) Price Volatility Fueled by US PMI Data
Bitcoin
Crypto
Volatility
PMI
ETF
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Summary:
Bitcoin (BTC) experienced significant volatility, driven by the ISM Manufacturing PMI data in the US.
The PMI reading of 48.5 suggests potential strain on the economy and possible inflation.
This data sparked a flash crash, but Bitcoin has since stabilized.
The spot ETF product, with backing from major Wall Street firms, continues to drive Bitcoin's growth.
The halving event has reduced Bitcoin's supply, contributing to potential price rebound.
Overall, the market remains optimistic about Bitcoin's future.
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