Ethereum

Chair

Bitcoin

April

Gains

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">The cryptocurrency market experienced significant volatility over the past month, with Bitcoin (<a href="https://tokenist.com/can-2024-be-a-landmark-year-for-bitcoin-btc/" rel="dofollow" class="deco-link">BTC</a>) and Ethereum (<a href="https://tokenist.com/why-ether-eth-is-likely-to-hit-a-new-all-time-high-in-march-following-btc/" class="deco-link">ETH</a>) showcasing substantial price fluctuations. <br><br>At its peak during the period, Bitcoin traded at the $73,000 level and Ethereum at the $4,000 level. Today, both cryptocurrencies saw a significant decline, with Bitcoin dropping over 5% to $66,010 at the time of writing and Ethereum to $3,336, down over 4%. <br><br>Meanwhile, the dollar index (DXY) rallied to a 4-and-a-half-month high, bolstered by a stronger-than-expected US manufacturing <a aria-label="PMI report (opens in a new tab)" href="https://www.prnewswire.com/news-releases/manufacturing-pmi-at-50-3-march-2024-manufacturing-ism-report-on-business-302104149.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">PMI report</a> for March.</p> 
<h3 id="bitcoin-and-ethereum-see-over-4-decline">Bitcoin and Ethereum See Over 4% Decline</h3> 
<p>From March 2, 2024, to April 2, 2024, Bitcoin’s price ranged from a high of $73,740.9 to a low of $60,138.2. On April 2, 2024, Bitcoin’s price stood at $66,010.9, marking a change of -5.24% from the previous day. <br><br>Similarly, Ethereum’s price action was volatile, with the highest recorded price at $4,091.28 and the lowest at $3,063.60 within the same period. Ethereum experienced a notable price change of -4.75% on April 2, 2024, with the price at $3,336.30.</p> 
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<h3 id="dollar-index-gains-after-ism-manufacturing-index-rises-higher-than-expected">Dollar Index Gains After ISM Manufacturing Index Rises Higher than Expected</h3> 
<p>The February personal spending report initially supported the dollar index’s rise, and Fed Chair Powell’s comments indicated there was <a href="https://en.mercopress.com/2024/04/01/federal-reserve-chairman-powell-in-no-rush-to-begin-cutting-interest-rates" target="_blank" aria-label="no rush (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">no rush</a> to cut interest rates.</p> 
<p>Gains extended with the release of the March ISM manufacturing index, which exceeded expectations, rising +2.5 to 50.3, the highest level in one and a half years. The Prices Paid sub-index also increased significantly, reaching a one-and-a-half-year high of 55.8, surpassing forecasts.</p> 
<p>The positive ISM manufacturing index suggests a more robust economic outlook, with manufacturing activity expanding more than anticipated.</p> 
<p>This has implications for <a href="https://tokenist.com/investing/how-do-interest-rates-affect-stocks/" rel="dofollow" class="deco-link">interest rate policies</a>, potentially affecting the Federal Reserve’s decisions on rate adjustments. The report’s influence was reflected across currency pairs, with the EUR/USD dropping to a one-and-a-half-month low and the USD/JPY rising. Following the PMI data, the dollar’s strength against a basket of major currencies was showcased.</p> 
<p>The PMI report contributed to higher <a href="https://tokenist.com/investing/fixed-income-trading/" rel="dofollow" class="deco-link">Treasury yields</a>, indicating investors’ expectations for a tighter monetary policy in response to the robust manufacturing data. This movement in bond yields also reflects the market’s anticipation of future economic conditions and inflationary pressures.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><strong><em>Given the evolving financial landscape, do you see the Fed sticking to its plan of three rate cuts this year? Let us know in the comments below.</em></strong></p> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/unexpected-manufacturing-boom-in-march-propels-dollar-pushes-down-crypto/">Unexpected Manufacturing Boom in March Propels Dollar, Pushes Down Crypto</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Unexpected Manufacturing Boom in March Propels Dollar, Pushes Down Crypto

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