Why Is Crypto Down Today – 5 Upcoming Token ICOs Whales Are Still Buying
The crypto market plunged 4% amid concerns that strong US economic data might slow the pace of the Federal Reserve’s interest rate cuts in the US. The Institute for Supply Management’s December PMI jumped to 54.1 from November’s 52.1, and November’s JOLTS report showed more job openings than had been expected. Investors are now adjusting their outlook for rate cuts, seeing less than a 50% chance for such moves before June. Cryptos fell across the board with AI memes and meme coins among the worst hit segments after plunging 13% and 4%, respectively, according to CoinMarketCap. Bitcoin tumbled 1.6% to trade at $93,578 at 7.31 a.m. EST. US stocks were also hit, with big names such as Nvidia and Tesla plunging 6.2% and 3%, respectively. US stocks tumbled after upbeat economic data raised concerns that an inflation rebound could slow down the Federal Reserve's pace of monetary policy easing https://t.co/UbdwV849f2 pic.twitter.com/iRbTfDLRWf — Reuters Bus...