Bitcoin's (BTC) price is falling today, mirroring declines across the global risk markets due to fears about the economic outlook. As of Sept. 4, BTC was down 3.30% to around $55,600, its lowest in a month. Similarly, S&P 500 futures dropped 0.4% following their worst performance since the Aug. 5 market meltdown.

Crypto traders are preparing for more market volatility as they wait for key economic data to see if the United States is nearing a recession and how the Federal Reserve might adjust its policies. A jobs report on Sept. 4 will likely show a slowdown in the labor market, following recent data revealing a fifth straight month of declining manufacturing activity.

The anticipation of a cooling jobs market has coincided with $287.80 million worth of daily outflows from Bitcoin exchange-traded funds (ETF), marking the longest outflow streak since June. With concerns shifting from inflation to economic growth, weak macro data pressures stocks and risk-on assets like cryptocurrencies.

Source: https://cointelegraph.com/news/why-is-bitcoin-price-down-today

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