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Bitcoin Plunge Hits Wall Street
2 Dec
Summary
- Dow Jones fell over 400 points after a crypto market slump.
- Bitcoin experienced its worst day since March, falling below $85,000.
- Manufacturing activity contracted for the ninth consecutive month.
Wall Street experienced a downturn in the first full trading session after the Thanksgiving weekend, with major indices like the Dow Jones, S&P 500, and Nasdaq seeing declines. This slump was largely attributed to a sharp fall in the world's largest cryptocurrency, Bitcoin.
Bitcoin's value plummeted below the $90,000 mark, hitting lows of $85,000 and liquidating over $1 billion in leveraged positions. This significant drop, the worst for Bitcoin since March, amplified the prevailing risk-off sentiment in financial markets.
Further dampening market sentiment was the continued contraction in US manufacturing activity. The ISM manufacturing index registered 48.2 in November, remaining below the 50 mark for nine consecutive months, signaling ongoing economic uncertainty.
