Bitcoin slumped toward the lower end of its recent trading range as record rallies in other risk assets falter amid a mixed outlook for global growth and interest rates.
The largest cryptocurrency fell as much as 3.2% to below $107,000 before trimming losses on Thursday. The retreat followed the Federal Reserve’s widely expected decision to lower its benchmark rate by a quarter percentage point to 3.75%-4% on Wednesday — its second straight reduction — while Chair Jerome Powell cautioned investors against assuming further cuts would follow. Adding to market anxiety on Thursday was Meta Platforms Inc.’s plans to take on debt to fund its artificial-intelligence push.