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Bitcoin The U.S. dollar fell to levels not seen in more than six months on Thursday as investors appeared to reduce exposure to riskier assets and weigh the prospects of another interest rate cut by the Federal Reserve next month.
The flagship digital currency fell as low as $86,325.81, its lowest level since April 21. It was last traded at $86,690.11.
The release of stronger-than-expected U.S. jobs data raised questions about whether the central bank would cut its federal funds rate. The US economy grew by 119,000 in September, significantly more than the 50,000 economists surveyed by Dow Jones had expected.
That report put the chance of a rate cut in December at around 40%, according to CME Group's FedWatch tool.
Bitcoin's decline was part of a broader decline in the cryptocurrency market. XRP Last fell 2.3% on the day and is below $2.00 ether lost more than 3% and traded well below $3,000. Dogecoin remained unchanged.
The world's oldest cryptocurrency also led to price losses following a blockbuster earnings report from Nvidia. Traders who invest heavily in AI-related stocks also tend to hold Bitcoin, tying the two businesses together.
The price of Bitcoin has largely fallen since a series of cascading liquidations of heavily leveraged crypto positions in early October.