Bitcoin Drags Crypto Lower on Strong U.S. Economic Data
The irony of the crypto market is how much it falls when the economy is doing well. On Tuesday, a couple of important economic readings came in better than expected, and Bitcoin (BTC -5.34%) and other cryptocurrencies dropped on the news.
As of 4:30 p.m. ET, Bitcoin was down 4.9% in the past 24 hours, Ethereum (ETH -8.85%) was off 7.4%, and Dogecoin (DOGE -10.73%) was down 8.9%. Momentum appears to be putting further downward pressure on the market, so those declines could get worse as the U.S. stock market closes.
Good economy, but bad for crypto
The ISM Services PMI — which measures an index of services and their orders, backlog, business activity, and other items — rose to 54.1 in…
