Bitcoin (BTC) fell early in the US trading session, but most were firmly held back as poor macroeconomic news emerged.
The top cryptocurrency at the end of the day had risen 0.5% over the past 24 hours, just below $95,000. Coindesk 20 is the index of the largest top 20 cryptocurrencies by market capitalization except Memecoin, Exchange Coins and Stablecoins – almost flat in the same time frame.
Crypto stocks like Coinbase (Coin), Strategy (MSTR) and Miners have lost their modest position after major profits last week. Notable exceptions include Janover (JNVR) and Defi Technologies (DFTF), with SOL (the tokens that both companies are actively accumulating) falling by about 3% on the US Day, at over 24% and 6.5% respectively.
Meanwhile, gold rose almost 1%, while the dollar index fell 0.6%. The S&P 500 and Nasdaq peaked on the green later in the session after previously soaking over 1%.
The Dallas Fed Manufacturing Index, a typically lesser-known economic data point, plummeted from -16.3 to -35.8 last month. This is far worse than Analyst’s expectations for -14.1 print and its worst performance since Covid overturned the global economy.
“A rather scary Dallas FED manufacturing survey. It’s the lowest level since May 2020,” Joe Weisenthal, co-host of Odd Lots Podcast, posted on X. “All comments are about tariffs and policy uncertainty.
Hostilities between India and Pakistan may have been added to market unrest, as Pakistan’s Defense Minister Kawaja Muhammad Asif argued that India’s military invasion of Pakistan is imminent. Last week, 26 people were killed in a terrorist attack in Pahargam, a popular tourist destination in India-controlled Kashmir. Since then, both countries have been swapping fires.