Bitcoin tumbles to seven-month low amid us economic concerns

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.