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.

–Reuters–