From Investing.com: 2024-04-02 05:13:24

Bitcoin fell sharply on Tuesday in early Asian trading as new economic data in the U.S. lifted the dollar, pushing Bitcoin price below $68,000. The dollar rose to its highest level in four months, crossing the 105 mark against major currencies after an uptick in ISM manufacturing PMI figures for March.

The report showed an increase in factory activity, ending 16 months of contraction and challenging the likelihood of Fed rate cuts. Market expectations for rate cuts have adjusted, reducing the odds of a cut in June to below 50%. A stronger dollar makes assets like Bitcoin more expensive and less attractive.

The drop in Bitcoin price affected other cryptocurrencies, with ether, ADA, SOL, and DOGE seeing declines. Over $400 million in long positions were liquidated, compared to $85 million in short positions. The total crypto market cap fell around 5.3% to $2.62 trillion during the same period.

Read more at Investing.com: Pullback to $66.5K as dollar hits near 5-month highs By Investing.com