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Bitcoin Price Today: Drop to a 6-Month Low Below $100,000
Bitcoin fell below the key $100,000 level on Friday, following a broader decline in risk assets as sentiment was dampened by rising bets that the Federal Reserve will not cut interest rates in December.
The world’s largest cryptocurrency was also headed for a third straight week in the red, with no relief in sight as institutional flows into crypto continued to dry up.
Bitcoin fell 4.2% to $97,795.5 by 08:00 Moscow time, hitting its weakest level since May. The cryptocurrency reached an intraday low of $96,866.1.
Bets on a December rate cut weaken as U.S. economic uncertainty grows
Markets quickly priced out expectations for a December rate cut this week amid rising uncertainty over the world’s largest economy.
The main driver was the nearly 43-day U.S. government shutdown, which ended on Wednesday. Government officials signaled that they may never publish October jobs and inflation data due to the shutdown.
This, in turn, leaves the Federal Reserve in the dark ahead of its December meeting, making it likely that the central bank will keep rates unchanged out of caution.
Markets now place the probability of a 25-basis-point rate cut at the December 10–11 Fed meeting at 45.4%, down sharply from 63.8% last week, according to CME Fedwatch.
The absence of official employment and inflation data also raised uncertainty surrounding the U.S. economy, hurting risk appetite and keeping traders wary of speculative assets such as cryptocurrencies.
Bitcoin heads for a third straight week in the red as institutional demand cools
Bitcoin traded down more than 4% this week and was also heading for a third consecutive week of losses.
Losses in the world’s largest cryptocurrency were largely driven by a slowdown in institutional buying — among corporate treasuries and spot exchange-traded funds.
Data from SoSoValue showed that U.S.-listed Bitcoin spot ETFs saw nearly $897 million in outflows on Thursday and were on track for a third straight week of outflows.
Institutional demand for bitcoin appears to be cooling, as the cryptocurrency moved in a narrow trading range for most of October and early November.
Cryptocurrency prices today: altcoins fall, heading for weekly losses
Broader cryptocurrency prices fell alongside bitcoin, as markets saw no relief from prolonged weakness through October and early November. Most altcoins were also headed for weekly declines.
Ether, the world’s second-largest cryptocurrency, dropped 9.3% to $3,161.68 and was down over 7% for the week. BNB fell 5.4% and was also down around 7% for the week, while XRP fell 8%.
Solana and Cardano lost between 8.5% and 9%, while among memecoins, Dogecoin and $TRUMP fell more than 7% each.
