Crypto Crash Keeps Rolling
Bitcoin is on a downward slide again, wiping out 2 % after dropping below $56,000—a low it hasn’t hit in almost a month. Ethereum isn’t lonely; it’s looking straight at the $2,300 mark.
Stock Market Shake‑Ups Fuel the Fall
The dip in the digital gold comes on the back of a fresh wave of selling in the U.S. markets, as worries over the economy’s health grow louder.
What the Numbers Say
Yesterday’s ISM manufacturing PMI for August confirmed that factories are still tightening their belts—new orders, supplier deliveries, exports, and imports all contracted. The result? Demand remains weak as firms keep playing it safe, wary of high interest rates and the uncertain tone of a pending presidential election.
- NASDAQ 100 plunged 3.15%—the barometer of risk appetite shows a dent.
- Bitcoin spot ETFs saw the largest net outflows in a week since May, shedding over $287 M.
- More than $100 M in long Bitcoin derivatives washed out today.
- Bitcoin futures open interest fell to a 20‑day low at $29.13 B.
Fed’s Potential Response
Amid the pessimistic data, the CME FedWatch Tool now gives a 41 % shot that a 50‑basis‑point cut will be made two weeks from now. A 25‑basis‑point cut is still the most likely scenario, but there’s a 44 % chance the Fed could cut rates by a full percentage point by year‑end after the December meeting.
More optimism about future rate cuts could stir risk‑seeking vibes in the markets—an important factor for crypto. Still, the real game‑changer, in my view, is the broader acceptance of crypto tech beyond just speculative bets, plus a stable regulatory climate.
Want the latest up‑to‑minute beats? Keep your eye on the ticker and stay ready to jump in when the tide turns.
