• Global crypto market cap drops 8.5% to $2.86T

ISTANBUL 

Bitcoin fell more than 9.1% on Friday, extending its downward trend as expectations for a US Federal Reserve rate cut weakened while concerns over tech-sector overvaluation increased.

The largest cryptocurrency was trading at $83,790 at 0850GMT Friday, after falling below the $90,000 level on Tuesday for the first time since April.

According to CoinMarketCap data, the total value of the global cryptocurrency market, including Bitcoin, declined 8.5% in the last 24 hours to $2.87 trillion.

Bitcoin’s market capitalization dropped by 9.1% over the past day to $1.67 trillion, while the daily trading volume rose 40% to $113.4 billion.

The largest cryptocurrency weekly loss extended to 13.8% as of Friday. Bitcoin had previously dropped to as low as $74,400 in April 2025 after former US President Donald Trump’s tariff decisions shook global financial markets.

Bitcoin has also erased its year-to-date gains, declining 10.3% so far this year.

Ethereum, the second-largest cryptocurrency by market value, fell 10.4% to $2,710.

The global crypto market was hit hard by uncertainties surrounding monetary policy, and the fading expectations of a rate cut in December by the US Federal Reserve.

US labor market data released on Thursday revealed stronger-than-expected employment figures following a data blackout caused by the federal government shutdown. Analysts said the solid labor market could lead Fed officials to maintain the current policy rate at next month’s meeting.

According to CME FedWatch, traders were pricing in a 32.9% chance of a 25-basis-point cut in December on Friday, down from a 63.8% probability a week earlier.