Bitcoin fell 4.7% on Wednesday, dropping below $57,000, triggered by economic uncertainty in the US and a sell-off in tech stocks led by Nvidia. The crypto asset last traded around $56,416 as of 0640 UTC.
On Tuesday, the US Manufacturing PMI for Aug. 2024 came in at 47.2, slightly lower than the anticipated 47.5. Still, it showed a slight recovery from July’s 46.8. However, this PMI reading, signalling a contraction in the manufacturing sector, fueled a wider market sell-off, thereby impacting Bitcoin’s price.