[Market] Bitcoin briefly slips below $70,000… “Mixed US PMI data, stagflation fears”

Bitcoin (BTC) briefly fell back below $70,000. The market is pointing to mixed US economic indicators and mounting inflationary pressures as key headwinds.

As of 22:52 on the 24th, BTC was trading at $70,065 on Binance’s USDT market, down 1.73% from the previous day. (On Upbit, it stood at 104.75 million won.)

Meanwhile, according to CryptoPrice, the “kimchi premium” on major cryptocurrencies including Bitcoin was -0.56%.

Earlier, US economic data released the same day showed a mixed picture. According to S&P Global on the 24th (local time), the flash manufacturing purchasing managers’ index (PMI) came in at 52.4, above the market forecast (51.5), while the services PMI fell short of expectations at 51.1 versus 52.

Markets are paying particular attention to the simultaneous emergence of a services-sector slowdown and rising inflationary pressure. Chris Williamson, chief business economist at S&P Global Market Intelligence, said, “The March PMI suggests an undesirable mix of slowing growth and rising inflation,” adding that “war-related uncertainty and higher energy prices are dampening demand.”

He continued, “Companies are increasing inventories to brace for supply-chain disruptions and higher costs, while cutting hiring to reduce labor-cost burdens,” explaining that “the PMI implies US GDP growth could be limited to around a 1% annual rate.”

He also noted, “Price indicators point to the possibility that consumer inflation could rebound to around 4%,” adding that “the risk of stagflation—slower growth alongside rising prices—is increasing.”