Bitcoin slightly fell to the $114,000 range amid concerns over an economic slowdown originating from the United States.
As of 8:05 a.m. on the 6th, Bitcoin was recorded at $114,018, down 1.15% from 24 hours prior, according to the global coin market tracking site CoinMarketCap. Ethereum is trading at $3,606, down 3.24%, while Ripple is at $2.96, down 3.77%.
On the 31st of last month, Bitcoin dropped below the $115,000 line due to inflation fears. It further declined, influenced by disappointing U.S. employment data on the 1st of last month, and on the 2nd, it fell below the $112,000 mark. This level is about 10% lower than its all-time high of around $123,000.
However, following this, buying pressure led Bitcoin's price to rise back to the $115,000 range, although concerns over an economic slowdown in the United States are resulting in a sideways trend once again. The Institute for Supply Management (ISM) reported on the 5th (local time) that the Purchasing Managers' Index (PMI) for the services sector in the U.S. for July was 50.1, down 0.7 points from the previous month (50.8). This level falls short of the expert forecast compiled by Dow Jones (51.1). As a result, fears are growing that a worsening employment situation could lead to tariff policies causing stagflation (an increase in inflation amid economic slowdown).