According to several cryptocurrency analysts, Bitcoin’s spot prices can be hit after the US Federal Reserve Bank has recently reported the worst manufacturing data in history.
On April 17, Philadelphia Federal Reserve Manufacturing Index (monthly survey of 250 US -based manufacturers) reported the rapid decrease in all business activities since 2020.
This data said Bitcoin (BTC) in the post on the X platform “in short -term pressure.” They added that if Bitcoin owns more than $ 83,000 per coin, Bitcoin can still see a “strong comeback”.
According to Google Finance’s data, as of April 18, Bitcoin is trading at about $ 84,000 per coin.
The Federal Reserve Bank’s weak report can increase the production cost of manufacturers by overcoming the factory on the impact of US President Donald Trump’s tariffs on US imports.
“(i) NDICATORS on general activities, new orders and shipments has fallen and has undergone negative changes.
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Analysts said the combination of prices and slowing production could hurt the financial market, including cryptocurrency. Price rising limits the ability to support the economic downturn of the central bank.
“Economic activity is falling from the cliff and the price is rising,” said Felix Jauvin, BlockWorks macroeconomic analyst.
He added, “(A) The most advanced scenario for policymakers who do not have meaningful ideas about the permanent tariffs.”
But Bitcoin said in a April research report that it is more flexible to recent macro economic shock than stocks and other cryptocurrencies.
Since Trump announced his tariff plan on April 2, Bitcoin has made a rough deal after the initial decrease, but more than 10%. Meanwhile, the US stock index, S & P 500, is still down about 7%.
Binance said, “Even if a recent tariff presentation occurs, BTC has shown signs of elasticity while maintaining or rebounding on the day when traditional risk assets are shaken.
Trump first tried to impose two digits on almost all foreign products, but later stopped the planned tariffs in a particular country.
He still wants to pay high taxes on many Chinese imports, causing concerns among encryption executives who can harm the blockchain network.
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