Andriy Onufriyenko | Moments | Getty Images
Bitcoin The index fell on Thursday to levels not seen in more than six months as investors exited exposure to riskier assets and appeared to be weighing the possibility of another Federal Reserve rate cut next month.
The flagship digital currency fell to $86,325.81, its lowest level since April 21st. The last traded price was $86,690.11.
The release of better-than-expected U.S. employment data has raised questions about whether the central bank will cut the benchmark overnight interest rate. The U.S. economy grew by 119,000 people in September, far exceeding the 50,000 job growth forecast by economists compiled by Dow Jones.
According to CME Group’s FedWatch tool, the report puts the probability of a December rate cut at about 40%.
Bitcoin’s decline was part of a broader crypto market decline. XRP It fell 2.3% on the day to below $2.00. ether It would take more than a 3% decline to trade well below $3,000. dogecoin remained unchanged.
Even after Nvidia’s blockbuster earnings report, the world’s oldest cryptocurrency also led its share price decline. Traders who are heavily invested in AI stocks also tend to hold Bitcoin, linking the two.
Bitcoin prices have fallen significantly since early October, when a wave of liquidations of highly leveraged crypto positions occurred.
