Bitcoin and Cryptocurrency Market Plunge Amidst Economic Concerns

• BTC falls to lowest level since August 8, erasing gains from past month.
• CoinDesk 20 index drops nearly 6%, with solana's SOL and ether (ETH) leading losses.
• U.S. and Asian equity markets see major stocks tumble nearly 10%.
• Nasdaq 100 and S&P 500 fall as weak manufacturing data raises economic slowdown concerns.
• Japan's Nikkei slides over 4% in response to market turbulence.
• Institute for Supply Management's manufacturing index remains below 50 threshold for fifth straight month.

Summary :
Bitcoin (BTC) experienced a significant drop, falling to its lowest level since early August at $55,500. This decline erased almost all of the gains made in the past month. The broader cryptocurrency market also saw a decline, with the CoinDesk 20 (CD20) index, which tracks the largest tokens by market capitalization, falling nearly 6%. Major tokens such as solana's SOL and ether (ETH) experienced losses of over 7%. The drop in BTC and the broader market was influenced by steep losses in U.S. and Asian equity markets, where some major stocks tumbled nearly 10%. Weak manufacturing data in the U.S., as indicated by the Institute for Supply Management's manufacturing index, contributed to concerns over an economic slowdown. The index has now slumped for a fifth straight month, remaining below the 50 threshold, which is seen as a sign of economic activity in the U.S. manufacturing sector and the broader economy.

Sources :

- Coindesk