Cryptocurrencies and tech stocks fell as strong US economic data fueled fears of delayed rate cuts by the Fed.

Bitcoin and major cryptocurrencies dropped over 5% on concerns of a strong US economy and potential Federal Reserve interest rate hikes. This follows strong economic data, including a rise in the ISM Services PMI and job openings, which suggests the Fed may delay rate cuts, impacting risk assets like tech stocks and cryptocurrencies. The broader stock market also declined, with the S&P 500 down 1.24% and tech-heavy NASDAQ down 2.01%. Higher Treasury yields also contributed to the market downturn.

2 months ago
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