India, Aug. 6 -- Renewed concerns over the health of the American economy offset rate cut hopes, dampening sentiment for cryptocurrencies. Weak macro-economic data released from the U.S. triggered debates about whether rate cuts warranted by economic weakness would bode well for risk assets, including cryptocurrencies. The unabated flows from Bitcoin spot ETF products also dragged down prices of the cryptocurrencies.
Close on the heels of the dismal jobs data released on Friday, the ISM Manufacturing PMI and the ISM Services PMI from the U.S. revealed unexpected declines. Anxiety also lingered ahead of the release of the consumer price inflation readings from the U.S. on Tuesday.
The CME FedWatch tool that tracks the expectations of inter...