Bitcoin dropped to its lowest level in six months on Friday, November 14, 2025, as a sell-off in risk assets deepened in the market.
Selling in U.S. equities, however, eased slightly in the afternoon ahead of the weekend, but investors stayed on edge as they braced for a slew of economic data next week following the government’s reopening after a record 43-day shutdown.
A director of trading at Monex USA in Washington, Juan Perez, said: “Bitcoin and crypto have generally enjoyed a positive correlation with good times in equities, so it has not become an asset of alternative value to hedge against fear in other sectors.
“If there is no enthusiasm toward risk-taking, it seems like that also translates into hesitation with bitcoin and the like.”
Risky assets overall 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 signaled an inclination to hold off on easing.
Markets now price in about a 40% chance of a December rate cut, down from about 90% earlier this month and just over 60% earlier this week.
In early afternoon trading, bitcoin, the world’s largest cryptocurrency, was last down 2.3% at $96,564, having earlier dropped to $95,885.33, its lowest since May 7.
Ether, the second-largest cryptocurrency, was last flat on the day at $3,175.22, after dropping to a 10-day low.
The founder and president of Rosenberg Research, Dave Rosenberg, told Reuters bitcoin is in “official bear market terrain, having declined by more than 20% in barely more than a month.”
He also pointed to huge redemptions at exchange-traded funds, totaling $870 million on Thursday alone.
Since peaking on October 7, the crypto market capitalisation has fallen by more than $1 trillion, or 24%.
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