Bitcoin falls to $55,500, lowest level since August 8

Bitcoin (BTC) fell to $55,500 this morning, its lowest level since August 8, after some major indices fell sharply on US and Asian stock exchanges, losing up to 10% in value, CoinDesk reported.

Image Source: Kanchanara/unsplash.com

The CoinDesk 20 Index (CD20), which tracks the 20 largest tokens by market capitalization, fell nearly 6%. The main tokens Solana (SOL) and Ether (ETH) lost more than 7% in price, being among the top losers.

U.S. stocks tracked by the Nasdaq 100 and S&P 500 fell 3.5% on Tuesday, kicking off a bearish September marked by bearish play as weak manufacturing data fueled investor concerns about a slowing economy. The trend spread to Asian markets as Japan’s Nikkei 225 index lost 4.2% within hours of the market opening.

According to the Institute for Supply Management (ISM), the index of business activity in the US manufacturing sector (ISM Manufacturing) rose to 47.2 points in August from 46.8 points in July. However, it remains below 50, which indicates a decline in activity in the US manufacturing sector.