Bitcoin Plummets to Six-Month Low
The leading cryptocurrency was exchanging hands at $97,190 at 0705 GMT, marking its weakest point since May. Data from CoinMarketCap indicated that the global cryptocurrency market, including Bitcoin, declined roughly 6.9% over the past 24 hours to $3.26 trillion.
Bitcoin’s market valuation fell 5.8% in the previous 24 hours to $1.94 trillion, while daily trading activity surged about 50% to $111.1 billion. Nonetheless, Bitcoin has risen approximately 4.1% since the beginning of 2025.
Ethereum, the second-largest digital currency by market capitalization, slid nearly 9% to $3,220.
The recent sell-off was largely triggered by uncertainty regarding the US economic outlook. Market participants scaled back expectations for a Fed rate reduction after a nearly 43-day government shutdown, which concluded Wednesday, sparked worries that crucial October employment and inflation statistics might not be released.
This left the Federal Reserve with less information ahead of its Dec. 10-11 meeting.
According to CME FedWatch, traders were pricing in a 45.4% probability of a 25-basis-point cut in December on Friday, down from 63.8% a week prior.
The scarcity of official economic data dampened risk appetite and pressured speculative assets, prompting cautious behavior among traders throughout cryptocurrency markets.
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