Crypto Black Friday: Bitcoin and Ether plunge nearly 10%

It was Black Friday for the crypto world. The assets saw massive value drops to levels not seen for months, with Bitcoin, the world's most popular cryptocurrency, and Ether, the digital currency of the Ethereum platform, plummeting nearly 10%.

Overall, the cryptocurrency market posted a 10% drop, according to market tracker CoinGecko. Compared with a year ago, the drop is more than 15%.

Bitcoin fell nearly 9.9% to $82,387, while Ether plunged 10.2% to $2,661. So far this week, both have been down more than 12%, according to Reuters.

As recently as October, Bitcoin had reached record high prices. It reached above $126,000 then, but has lost a third of its value. For days now it has been registering fall after fall, and although the publication of a positive earnings report from Nvidia this week seemed to give a respite, the plunge continued this Friday.

According to analysts, the drop is driven by investors' risk aversion, who fear an overvaluation of the markets. Also contributing are renewed expectations that the Federal Reserve (Fed) will cut interest rates.

The FedWatch monitor, which considers the views of traders, now estimates a 40% probability that the Fed will cut the rate in December. The probability, until recently, was close to zero.