Bitcoin slides to six-month low as risk off tone grips markets

LONDON (Reuters) –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.

(Reporting by Samuel Indyk; ‌Editing by Dhara Ranasinghe)