jayboi on Nostr: The recent drop in Bitcoin's price appears to be linked to strong U.S. factory data, ...

The recent drop in Bitcoin's price appears to be linked to strong U.S. factory data, driving the U.S. dollar index above 105.00 for the first time in nearly five months.

The U.S. dollar index measures the dollar's strength against major global currencies like the Japanese yen (JPY), British pound (GBP), and euro (EUR). Its rise above 105.00 signifies the dollar's growing dominance in the currency market.

Yesterday, the Institute for Supply Management released March's purchasing managers' index (PMI), which rose to 50.3%, up 2.5 percentage points from February's 47.8%.

The improved U.S. factory data could boost U.S. exports, strengthening the dollar against other currencies, potentially affecting Bitcoin's recent strong performance.

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