As investors seemed to reduce their exposure to riskier assets and considered the possibility of another Federal Reserve rate cut next month, Bitcoin fell recently to lows not seen in over six months.
The main digital currency hit its lowest point since April 21 at about 86,000 dollars.
There were concerns about whether the central bank might cut its benchmark overnight rate following the announcement of better-than-expected U.S. jobs data. In September, the U.S. economy grew by 119,000, far more than the 50,000 economists anticipated.
According to the FedWatch tool from the CME Group, the report put the probability of a December rate drop to almost 40%.
The decrease in Bitcoin was a component of a larger decline in the cryptocurrency market.
Ethereum lost more than 3% to trade far below $3,000, while XRP was last down 2.3% for the day and is now below $2.00. Dogecoin remained unaltered.
Even after a massive Nvidia earnings announcement, the oldest cryptocurrency in the world caused stocks to decline. Bitcoin is often held by traders who are significantly involved in AI-related equities, which connects the two trades.
Since a wave of cascading liquidations of highly leveraged cryptocurrency positions in early October, the price of bitcoin has significantly dropped.
