(MENAFN) Bitcoin plummeted over 6% on Friday, hitting its lowest point in half a year as mounting doubts about America's economic trajectory crushed December rate cut predictions from the Federal Reserve.

The world's dominant cryptocurrency traded at $97,190 as of 0705 GMT—approximately its weakest position since May. CoinMarketCap data revealed the total global cryptocurrency market value, Bitcoin included, tumbled roughly 6.9% over the preceding 24 hours to $3.26 trillion.

Bitcoin's market capitalization contracted 5.8% during the same period to $1.94 trillion, though daily trading volume surged approximately 50% to $111.1 billion. Despite Friday's downturn, Bitcoin maintains a roughly 4.1% gain year-to-date for 2025.

Ethereum, ranked second by market valuation among cryptocurrencies, dropped about 9% to $3,220.

The selloff stemmed primarily from ambiguity surrounding the U.S. economic landscape. Market participants scaled back rate reduction wagers following a nearly 43-day government shutdown that concluded Wednesday, sparking fears that critical October employment and inflation metrics might remain unpublished. The data vacuum leaves the Fed with diminished intelligence heading into its Dec. 10-11 policy meeting.

CME FedWatch indicated traders Friday assigned just a 45.4% probability to a 25-basis-point December reduction—a sharp decline from the 63.8% likelihood calculated one week prior.

The absence of official economic indicators dampened risk tolerance and pressured speculative assets, maintaining a cautious atmosphere throughout cryptocurrency trading platforms.

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