Bitcoin traded below $96,000 for the first time in over six months on Friday, as a sell-off in risky assets accelerated on fading expectations for a December rate cut from the U.S. Federal Reserve.
It was last down 2.8% at $96,009, having earlier dropped as low as $95,885.33, its lowest since May 7.
The largest cryptocurrency by market cap was on track for its third straight weekly fall and is down almost 24% from its peak in early October. Risky assets have come under pressure in recent days as expectations of a rate cut from the Fed next month have shrunk as a growing number of policymakers signal reticence on further easing. Markets now price in about a 50% chance of a December rate cut, down from about 90% earlier this month and just over 60% earlier this week.
Ether, the second-largest cryptocurrency, was down 1.5% at $3,133.76.
