Bitcoin Price Falls 2.29% as US Growth Accelerates and Interest Rates Rise

Despite strong inflows into Bitcoin exchange-traded funds (ETFs), the price of Bitcoin has fallen by 2.29% to $84,184 on Wednesday, according to Exchange Rates UK.

This decline comes despite a surge in US business activity, with September's flash composite PMI rising to 58.4 from 56.0, its highest rate in over five years.

Chris Williamson of S&P Global noted that 'US business continues to boom', which could reinforce the case for further Federal Reserve tightening and increase the appeal of interest-bearing assets relative to Bitcoin.

Alice Liu of CoinMarketCap warned that the recent rally depended heavily on traders closing bearish positions, rather than new buying.