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The price of Bitcoin has been significantly influenced by the data of the United States in the past. The Federal Reserve’s income data and interest rate announcements have caused a decrease in the price of the cryptocurrency in previous periods. Additionally, historical data shows that a strengthening dollar usually leads to a decrease in the cryptocurrency markets. Here is the latest update on the expected data!
US PMI Data!
The eagerly awaited US Services PMI data for the cryptocurrency markets and general markets has been announced just minutes ago. The expectation for the US Services PMI data was 54, while the previous data was 54.4. However, the recently published report revealed that the number fell below expectations and is now at 52.4. The data is critical for the US economy and experts believe that it could have significant effects on cryptocurrencies in the coming days. Furthermore, it is noted that a strong US economy could support the Federal Reserve’s interest rate hikes in the future.
Cryptocurrency Update!
Tesla CEO drew attention when he acquired the social media giant Twitter a few months ago. Moreover, due to the billionaire investor’s close relationship with Dogecoin (DOGE), which is one of the leading meme tokens in the market, the token had a significant surge. Today, Elon Musk changed the logo of Twitter by adding the “X” symbol, which he had used in many different projects in the past. With Elon Musk’s moves, Dogecoin, which usually shows an upward momentum, has once again distinguished itself from the markets and experienced a significant increase.
Bitcoin, after consecutive declines last year, recovered as of 2023. It surpassed the critical psychological level of $30,000 for investors. However, it retreated within this level again due to the reasons mentioned above and fell below $29,000 in the early hours of today. Bitcoin, the flagship of the markets, is currently trading at around $29,000.
