Bitcoin hit a seven-month low near $80,000, where analysts predict further deeper losses.
Bitcoin plummeted to $80,553 and ether touched a four-month low as investors fled riskier assets due to concerns over high tech valuations and near-term U.S. interest rate reduction.

Cryptocurrencies are generally seen as a barometer of risk appetite, and their slide shows how fragile markets have become in recent days, with AI stocks falling and volatility rising (.VIX), opens new tab.
Bitcoin fell 12% this week. Its drop after a fantastic year that saw it reach a record high above $120,000 in October on the back of global crypto asset regulation developments.
Analysts say the market is still wounded by last month’s historic single-day drop that liquidated over $19 billion in bets.
As bitcoin fell through $100,000 last week and headed for $80,000 on Friday, several analysts claimed it was hitting levels where corporate and institutional investors paid for their tokens and could have to sell to avoid losses.