Bitcoin, Ethereum Drop as Strong Economy Data Reduces Rate Cut Hopes
Major cryptocurrencies fell with stock markets on Thursday because strong economic data made rate cuts less likely.
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Cryptocurrency markets had a bad day on Thursday. Bitcoin dropped 3.11% to $109,768, and Ethereum fell 4.41% to $3,941.99. Other popular coins like XRP and Dogecoin also went down.
The reason was strong US economic data that showed the economy is growing well. This made people think the Federal Reserve will not cut interest rates soon. When rates stay high, people often sell risky investments like crypto.
Nearly $1.20 billion worth of crypto was liquidated in 24 hours. Stock markets also fell on the same day. However, some analysts believe most of the market correction is finished and prices might recover soon.
Original Article
benzinga.comhttps://www.benzinga.com/crypto/cryptocurrency/25/09/47881655/bitcoin-ethereum-xrp-dogecoin-bleed-as-hot-macro-data-dashes-rate-cut-hopes-analyst-says-90