Bitcoin weakened below $85,000 on September 23 after stronger than expected US business activity pushed Treasury yields higher. The sell-off intensified after S&P Global released its preliminary September Purchasing Managers’ Index (PMI). According to CoinGlass, $135.8 million worth of crypto positions were liquidated within an hour, with long positions accounting for $125.9 million of that amount. Bitcoin accounted for $47.4 million of the total liquidations, while Ethereum accounted for another $23.9 million.
The S&P Global composite PMI rose to 58.4 in September, its highest level in more than five years. Meanwhile, the services sector index rose to 58.7 and the manufacturing sector index reached 57. All three figures exceeded expectations.
The S&P Global composite PMI rose to 58.4 in September, its highest level in more than five years. Meanwhile, the services sector index rose to 58.7 and the manufacturing sector index reached 57. All three figures exceeded expectations.