Bitcoin Plunges Amid Weakening Fed Rate-Cut Hopes
The leading cryptocurrency was trading at $83,790 at 0850GMT on Friday, having fallen below the $90,000 threshold on Tuesday for the first time since April.
Data from CoinMarketCap indicated that the overall worth of the global cryptocurrency market, including Bitcoin, decreased by 8.5% over the past 24 hours to $2.87 trillion.
Bitcoin’s market value shrank by 9.1% in the last day, reaching $1.67 trillion, while daily trading volume surged 40% to $113.4 billion.
The cryptocurrency’s weekly loss widened to 13.8% as of Friday. Bitcoin had earlier dipped to as low as $74,400 in April 2025 following tariff measures by former US President Donald Trump that unsettled global financial markets.
Additionally, Bitcoin has wiped out its year-to-date gains, falling by 10.3% so far in 2025.
Ethereum, the second-largest digital asset by market capitalization, also slipped 10.4%, trading at $2,710.
The worldwide crypto market faced significant pressure from uncertainties around monetary policy and the "fading expectations of a rate cut in December" by the US Federal Reserve.
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