Bitcoin falls to lowest level since April
Andriy Onufriyenko | An | Getty Images
bitcoin It fell to levels not seen in more than six months on Thursday as investors pulled back interest in risky assets and weighed the possibility of another Fed rate cut next month.
The flagship digital currency fell to $86,325.81, its lowest level since April 21. It was last traded at $86,690.11.
The announcement of stronger-than-expected employment data in the United States raised questions about whether the central bank would reduce the overnight benchmark interest rate. The US economy gained 119,000 jobs in September; That was well above the 50,000 figure economists polled by Dow Jones expected.
According to CME Group’s report, this report shows that the probability of a rate cut in December is around 40% FedWatch tool.
Bitcoin’s pullback formed part of a decline in the broader cryptocurrency market. XRP It was last below $2.00, down 2.3% on the day. ether It traded well below $3,000, down more than 3%. dogecoin had not changed.
The world’s oldest cryptocurrency sent shares plunging even after Nvidia’s blockbuster earnings report. Investors heavily invested in AI-related stocks also hold Bitcoin, connecting the two trades.
Bitcoin’s price has fallen significantly since the gradual liquidation of highly leveraged crypto positions in early October.
