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The value of Bitcoin continued to plunge on Friday, after reaching an all-time high in October.
The world’s largest cryptocurrency reached a low of less than $82,000 on Friday, matching its value in April, after surging past $126,000 weeks before.
Bitcoin lost 10% of its value in just 24 hours.
Bloomberg reports Bitcoin is now on course for its worst month since June 2022, which was considered a “catastrophic period” for cryptocurrency.
Over the past week, the capitalization of all cryptocurrencies has fallen by almost $400 billion, to roughly $3 trillion.
“Bitcoin, which sits at the top end of the risk spectrum, extended a losing streak that’s been in motion since late October. If people have lost confidence in tech stocks, they certainly won’t have the confidence to speculate on cryptocurrency,” Dan Coatsworth, head of markets at AJ Bell told Forbes.
“It also didn’t help that investors are struggling to predict what the Federal Reserve will do next with interest rates. Conflicting messages from central policymakers have left investors scratching their heads over whether rates will be cut next month or not. Markets are now expecting a 67% chance of no change at December’s meeting, whereas a month ago there was a 98% chance of a quarter percentage point cut.”
