Bitcoin hits seven-month low

Bitcoin fell toward $85,000 on Friday, marking its lowest level since April as a global selloff in technology stocks, driven by renewed concerns over the artificial intelligence sector, spread to risk assets including cryptocurrencies.

Global equities had a brief relief rally on Thursday following blowout earnings from AI bellwether Nvidia, but gains quickly reversed amid ongoing valuation worries.

Expectations that the US Federal Reserve will hold off on cutting interest rates in December as policymakers navigate economic uncertainties added further pressure.

A mixed US jobs report showing accelerating employment growth alongside a rising unemployment rate in September offered little clarity.

The correlation between bitcoin and the tech sector has surged to a six-month high of 80%, suggesting that the leading cryptocurrency is decoupling from its supposed role as a store of value in times of heightened uncertainties.