Bitcoin and other cryptocurrencies took a hit due to fears the Federal Reserve won’t cut interest rates next month. Bitcoin dropped 4% to $98,200, Ethereum fell 8% to $3,167, and the Nasdaq composite fell 2.3%. Traders are less optimistic about a rate cut in December, with only a 51% chance now.

The government won’t release October’s unemployment rate due to issues with data collection. The Federal Reserve relies on this data for interest rate decisions, and some Fed presidents are cautious about lowering rates. Bitcoin, Ethereum, XRP, Solana, and BNB all saw significant drops on Thursday.

Overall, the market saw a major sell-off as investors reacted to the uncertainty surrounding the Fed’s next move. The future of cryptocurrency prices remains uncertain as traders adjust their expectations.

Read more at Yahoo Finance: Bitcoin price plummets below $100,000 as fear mounts over looming Fed decision