Bitcoin sank on Thursday to its lowest level in more than six months as investors trimmed exposure to riskier assets and reconsidered the likelihood of a Federal Reserve rate cut next month.
The cryptocurrency dropped to $86,325.81, its weakest point since April 21, before trading at around $86,690 in the last session.
Stronger-than-expected U.S. jobs data added uncertainty to the Fed’s next move. Employers added 119,000 jobs in September, far above the 50,000 expected by economists surveyed by Dow Jones. That surprise pushed the estimated probability of a December rate cut down to roughly 40%, according to CME Group’s FedWatch tool.
Bitcoin’s slide was part of a broader retreat across the crypto market. XRP slipped about 2.3%, dropping below $2, while ether fell more than 3% to well under $3,000. Dogecoin was essentially flat.
The decline also weighed on stocks. Bitcoin often moves in tandem with AI-linked equities because many traders hold both types of assets. Even strong earnings from Nvidia were not enough to break that connection.
Crypto markets have been struggling since early October, when a wave of forced liquidations hit traders using heavy leverage—selling pressure that has continued to drag prices lower.
