MUMBAI — Bitcoin fell to its lowest level since April on Friday as rising concerns about the U.S. economy fueled a broad selloff across the cryptocurrency market.
The world’s largest digital asset dropped 7.18 percent to $85,966.75 during intra-day trading. Its market capitalization stood at $1.71 trillion, with 24-hour trading volumes reaching $94 billion. Ether, the second-largest cryptocurrency, also slid sharply, falling 7.92 percent to $2,797.50 as selling pressure spread across digital tokens.
Analysts said the decline reflects mounting uncertainty in the U.S. macroeconomic landscape. Fresh September jobs data showed higher-than-expected unemployment, raising doubts over when the Federal Reserve might begin cutting interest rates. The data weakened investor appetite for riskier assets, including cryptocurrencies.
“Bitcoin has fallen to its lowest level since April due to uncertainty in the U.S. macroeconomic landscape,” analysts said. “September’s jobs data revealed unexpected unemployment and raised concerns about the Federal Reserve’s future rate cuts.”
Bitcoin has been under consistent pressure this week. On Tuesday, it slipped below $90,000 for the first time in seven months, erasing all of its gains for 2025. The cryptocurrency is now nearly 30 percent below its October peak above $126,000 — a rally previously fueled by expectations of multiple Fed rate cuts and rising institutional interest.
Market experts say the latest slide reflects weakening sentiment and potential liquidity stress, though large liquidations are not the sole driver of long-term price trends.
Ether has also experienced a prolonged decline. It is now down nearly 40 percent from its August high above $4,955 as the broader crypto market continues to face sustained selling pressure. (Source: IANS)
