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🌙 Bitcoin Drops Over 5% as Upbeat U.S. Factory Data Powers Dollar Index

Bitcoin fell below $66,500 during the Asian hours as the dollar index rose above 105.00 for the first time since mid-November. Data released on Monday shows that U.S. manufacturing activity unexpectedly picked up the pace in March.

Author

Mike Gavela
April 03, 2024

In partnership with

Crypto Roundup - Apr 3

The cryptocurrency market experienced significant volatility and price adjustments recently, influenced by various factors including U.S. economic data, liquidations, and the upcoming Bitcoin halving event. Bitcoin's price dropped over 5% as positive U.S. factory data strengthened the dollar, pushing the dollar index to nearly a 5-month high. The market also saw $400 million in liquidations, with major cryptocurrencies like Solana and Dogecoin leading the downturn. Adding to the volatility, Bitcoin became more volatile than Ether as it approaches its halving, which historically has been a period of price swings and investor interest.

Top stories:

  • Bitcoin drops over 5% as upbeat U.S. factory data strengthens the dollar, negatively impacting cryptocurrency prices.

  • $400 million in crypto liquidations, led by declines in Solana and Dogecoin, highlight the market's current volatility and investor caution.

  • Bitcoin volatility surpasses Ether ahead of the Bitcoin halving, an event that traditionally influences price and market dynamics.

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TOP STORIES

Bitcoin Drops Over 5% as Upbeat U.S. Factory Data Powers Dollar Index to Nearly 5-Month High

The U.S. factory activity unexpectedly expanded in March, data released Monday showed, sending the dollar index higher.

www.coindesk.com/markets/2024/04/02/bitcoin-drops-over-5-as-upbeat-us-factory-data-powers-dollar-index-to-nearly-5-month-high

Crypto Bulls See $400M Liquidations as Solana, Dogecoin Lead Slide in Majors

The CoinDesk 20 index, which tracks major tokens minus stablecoins, slumped just over 4.5%.

www.coindesk.com/markets/2024/04/02/crypto-bulls-see-400m-liquidations-as-solana-dogecoin-lead-slide-in-majors

Bitcoin Becomes More Volatile Than Ether as Halving Approaches

Bitcoin's annualized 30-day historical or realized volatility rose to nearly 60% late last week, surpassing ether's 30-day realized volatility by nearly 10 percentage points.

www.coindesk.com/markets/2024/04/01/bitcoin-becomes-more-volatile-than-ether-as-halving-approaches

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