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Why Is Crypto Down Today: Bitcoin, Tech Stocks Fall as Economic Strength Challenges Rate Cut Hopes
Markets decline on hotter-than-expected economic data, with Bitcoin shedding over 5%.
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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%.