Bitcoin (BTCUSD) fell below $96,000 on Friday for the first time in over six months, as a broad sell-off in risky assets intensified amid fading expectations of a U.S. Federal Reserve interest rate cut in December.

The largest cryptocurrency by market capitalization dropped as low as $95,885.33, its lowest level since May 7, before settling around $96,009, down 2.8%. The decline marks Bitcoin’s third consecutive weekly loss, leaving it nearly 24% below its early October peak.

The sell-off comes as investors reassess expectations for a Fed rate cut. Markets now price in roughly a 50% chance of a December rate reduction, down from 90% earlier this month and just over 60% earlier in the week. Policymakers have increasingly signaled caution regarding further easing, putting pressure on risk assets.

Ether (ETHUSD), the second-largest cryptocurrency, also declined, falling 1.5% to $3,133.76.

Traders and analysts are closely watching whether this downturn represents short-term profit-taking or a signal of a more prolonged market correction, with broader macroeconomic conditions and Fed policy expected to play a decisive role in the weeks ahead.