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 (CRYPTO: BTC) 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 (CRYPTO: ETH) was off 7.4%, and Dogecoin (CRYPTO: DOGE) 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.
The ISM Services PMI — which measures an index of services and their orders, backlog, business activity, and other items — rose to 54.1 in December from a reading of 52.1 in November. A reading over 50 indicates…
