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Bitcoin Tumbles Over 9.1 Percent as Fed Rate Cut Hopes Fade
(MENAFN) Bitcoin plunged over 9.1% Friday, deepening its freefall as diminished prospects for a US Federal Reserve interest rate reduction and mounting technology sector overvaluation fears battered the digital asset.
The dominant cryptocurrency changed hands at $83,790 at 0850GMT Friday, having pierced the $90,000 threshold Tuesday for the first time since April.
CoinMarketCap statistics reveal the aggregate global cryptocurrency market valuation, Bitcoin included, contracted 8.5% across the preceding 24 hours to $2.87 trillion.
Bitcoin's market capitalization shrank 9.1% during the past day to $1.67 trillion, while daily transaction volume surged 40% to $113.4 billion.
The leading digital currency's weekly losses ballooned to 13.8% as of Friday. Bitcoin had previously tumbled to $74,400 in April 2025 after former US President Donald Trump's tariff announcements rattled worldwide financial systems.
Bitcoin has also eliminated its year-to-date profits, declining 10.3% so far this year.
Ethereum, the second-largest cryptocurrency by market capitalization, dropped 10.4% to $2,710.
Worldwide crypto markets absorbed severe punishment from monetary policy uncertainty and evaporating December rate cut expectations from the US Federal Reserve.
US employment statistics released Thursday disclosed stronger-than-anticipated jobs figures following a data vacuum created by the federal government shutdown. Market analysts indicated the robust labor conditions could prompt Fed officials to preserve the existing policy rate at next month's session.
Per CME FedWatch data, traders were pricing in a 32.9% chance of a 25-basis-point cut in December on Friday, down from a 63.8% probability a week earlier.
The dominant cryptocurrency changed hands at $83,790 at 0850GMT Friday, having pierced the $90,000 threshold Tuesday for the first time since April.
CoinMarketCap statistics reveal the aggregate global cryptocurrency market valuation, Bitcoin included, contracted 8.5% across the preceding 24 hours to $2.87 trillion.
Bitcoin's market capitalization shrank 9.1% during the past day to $1.67 trillion, while daily transaction volume surged 40% to $113.4 billion.
The leading digital currency's weekly losses ballooned to 13.8% as of Friday. Bitcoin had previously tumbled to $74,400 in April 2025 after former US President Donald Trump's tariff announcements rattled worldwide financial systems.
Bitcoin has also eliminated its year-to-date profits, declining 10.3% so far this year.
Ethereum, the second-largest cryptocurrency by market capitalization, dropped 10.4% to $2,710.
Worldwide crypto markets absorbed severe punishment from monetary policy uncertainty and evaporating December rate cut expectations from the US Federal Reserve.
US employment statistics released Thursday disclosed stronger-than-anticipated jobs figures following a data vacuum created by the federal government shutdown. Market analysts indicated the robust labor conditions could prompt Fed officials to preserve the existing policy rate at next month's session.
Per CME FedWatch data, traders were pricing in a 32.9% chance of a 25-basis-point cut in December on Friday, down from a 63.8% probability a week earlier.
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