Crypto Market behera Bitcoin-ekin batera AEBetako PMI datuen ondoren

After the US data of economic trends in manufacturing came in a downward direction because of which the crypto market is down

The cryptocurrency market as a whole has experienced a downturn in the last 24 hours, as Bitcoin has lost almost 4% and the top ten altcoins have fallen anywhere between 4-10%. At the time of writing, the Bitcoin price is down 3.67% and is falling below $64,500, as macro conditions indicate weak demand in the US economy.

The Downturn Of Global Markets

According to S&P Global’s preliminary US Composite PMI Output Index, which measures both manufacturing and services sectors, private sector expansion dropped to 50.9 this month from 52.1 in March. A reading above 50 indicates growth in the private sector.

In April, business activity in the United States slowed down to its lowest level in four months, due to reduced demand, while inflation rates saw a small decline despite significant increases in input costs. These developments suggest potential relief ahead, aligning with the Federal Reserve’s quest for signs that economic activity is slowing down enough to ease inflationary pressures.

The Bitcoin critic began his commentary by suggesting that the decline in gold’s value may have come to an end. Despite trading slightly above $2,300, he compared this price to gold’s new benchmark of $2,000.

Schiff pinpointed a resistance point for gold at $2,400, expecting it to be brief. On the other hand, he commented that Bitcoin’s prospects differ from those of gold.

The Drop In Bitcoin Transaction Fees, Post Halving

Bitcoin transaction fees surged significantly after the halving event, with medium-priority transactions costing on average $146 and high-priority ones costing $170. Nevertheless, after the halving, the average fees for Bitcoin transactions have decreased considerably.

The Runes NFT collection was expected to keep the fee revenue stable post-halving, but the base price for this collection has also decreased.

The average fees paid on Bitcoin have plummeted substantially, a day after reaching an all-time high average of $128 on April 20. According to mempool.space, currently, medium-priority transactions on Bitcoin cost between $8 and $10. Bitcoin leads the way in total fees, with Crypto Fees reporting a $78.3 Million total fee figure, which is over 24 times higher than Ethereum’s.

Global Data Amid Market Downturn

US GDP grew 1.6% in Q1 2024. Stock futures fell with S&P 500, Dow Jones, and Nasdaq 100 losing 0.8%, 220 points, and 1.1% respectively. Meta and IBM shares fell, while Honeywell’s rose by 2% in pre-market trading. Bitcoin fees dropped to $8-10 for medium-priority transactions. Bitcoin’s total fees are over 24 times higher than Ethereum’s, with a $78.3 Million total fee figure.

Laburpena

The cryptocurrency market and Bitcoin have experienced a downturn, while the private sector expansion dropped to 50.9 this month. Meta and IBM shares fell, and Honeywell’s rose by 2% in pre-market trading. Bitcoin fees dropped to $8-10 for medium-priority transactions.

Lege-oharra

Egileak edo artikulu honetan izendatutako edozein pertsonak adierazitako iritziak eta iritziak informazio-helburuetarako soilik dira. Ez dute finantza, inbertsio edo bestelako aholkularitzarik ezartzen. Akzioetan, kriptoetan edo erlazionatutako beste indizeetan inbertitzeak edo negoziatzea finantza-galerak izateko arriskua dakar.

Andrew blockchain-en garatzailea da, eta kriptografiako monetaekiko interesa garatu zuen blockchain-en garapenean graduondoko ikasketak egiten zituen bitartean. Xehetasunen behatzaile zorrotza da eta idazteko zaletasuna partekatzen du, kodifikazioarekin batera. Blockchain-ari buruzko backend-aren ezagutzak bere idazteko trebetasunei ikuspegi paregabea ematen laguntzen dio, eta eskulan fidagarria ematen dio blockchain programazioa, hizkuntzak eta token minting bezalako kontzeptuak azaltzeko. Gainera, maiz partekatzen ditu ICO eta IDOen xehetasun teknikoak eta errendimendu-adierazleak.