The recent drop in the value of Bitcoin can be mainly attributed to the findings of the S&P Global Purchasing Managers’ Index (PMI) report, which indicated that the US economy is thriving. Consequently, this led to a surge in the value of the dollar, resulting in a decrease in the demand for high-risk assets such as cryptocurrencies. The PMI report revealed that the economy experienced its most rapid growth in a span of two years, thereby altering investors’ expectations regarding potential interest rate reductions. As a result, Bitcoin and other cryptocurrencies faced additional downward pressure. Stay up-to-date with the latest financial and business news by visiting COINTURK FINANCE.
