Mumbai: Bitcoin, the world’s largest cryptocurrency, fell to its lowest level since April on Friday as worries over the US economy triggered a broader selloff in digital assets.
The cryptocurrency dropped 7.18 per cent to $85,966.75 during intra-day trading session. Its market value stood at $1.71 trillion, while trading volumes in the past 24 hours reached $94 billion.
Ether, the second-largest cryptocurrency, also slipped sharply. It fell 7.92 per cent to $2,797.50 as selling pressure spilled across the crypto market.
Analysts said Bitcoin’s decline is linked to rising uncertainty in the US macroeconomic environment. Fresh jobs data for September showed higher-than-expected unemployment, raising doubts about when the US Federal Reserve will begin cutting interest rates.
The data has made investors cautious and reduced their appetite for riskier assets like cryptocurrencies.
“Bitcoin has fallen to its lowest level since April, due to uncertainty in the US macroeconomic landscape. September’s jobs data revealed unexpected unemployment and raised concerns about the Federal Reserve’s future rate cuts,” experts said.
Bitcoin has been under pressure all week. On Tuesday, it dropped below $90,000 for the first time in seven months. The sharp correction has wiped out all of the cryptocurrency’s gains for 2025.
It is now nearly 30 per cent below its October peak of over $126,000, a rally that had been driven by expectations of multiple Fed rate cuts and growing institutional interest.
Experts say the latest drop reflects weakening sentiment and possible liquidity stress in the market, even though large liquidations are not the only factor influencing long-term trends.
Ether has also seen a sustained decline. The token is now down almost 40 per cent from its August high of more than $4,955, as the broader crypto market continues to face strong selling pressure.
(IANS)
