Bitcoin Plunges to Seven-Month Low, Raising Concerns Over Investor Appetite for Risk

Bitcoin has dropped to a 7-month low of $80,553, erasing all its year-to-date gains and falling 12% for the year. The decline is attributed to investor worries over lofty tech valuations and uncertainty over near-term US interest rate cuts. Cryptocurrencies are often viewed as a barometer of risk appetite, and their slide highlights the fragile market mood. Analysts say the market remains scarred by a record single-day slump last month and predict further losses if bitcoin drops below $80,000.