Economic woes drive Bitcoin below $63,000

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Quick Take

Bitcoin has experienced a sharp decline to below $63,000, which has triggered significant liquidations in the market.

Over the past 24 hours, $300 million has been liquidated, with over $277 million of these being long positions. In just the past hour, $40 million has been liquidated, predominantly from long positions, according to Coinglass.

Total Liquidations: (Source: Coinglass)

This market turbulence coincides with disappointing economic data. The ISM manufacturing PMI fell below expectations, recording 46.8 against a consensus of 48.8. Similarly, ISM manufacturing employment dropped to 43.4, below the anticipated 49.0.

New orders also fell short, coming in at 47.4 compared to the consensus of 49.0. In contrast, manufacturing prices rose to 52.9, slightly above the expected 51.8.

US Economic Data: (Source: Trading Economics)

These economic indicators have contributed to Bitcoin’s decline, mirroring a broader market reaction where tech stocks also faced a downturn. Additionally, the US 10-year Treasury yield has dipped below 4%, reflecting investor concerns about the economic outlook.

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