Bitcoin has dropped into a bear market this month, and the world's largest crypto is on the verge of erasing its gains for the year.

As of publishing time on Friday, Bitcoin has been hovering around the $94,000 to $97,000 price range. That price point is the lowest Bitcoin has seen since early May and a big drop from the more than $126,000 all-time high that Bitcoin reached just early last month.

Bitcoin's more-than-3% move has the world's largest cryptocurrency pushing the $95,000 threshold for the first time in a while.

Bitcoin hit a six-month low Friday as the price of cryptocurrencies seemed to be largely tracking the stock market, which frequently happens. Markets opened lower on Friday before similarly rebounding. The S&P 500 is down 1.2% this month, according to CNN, and the Dow is down 0.6%.

Bitcoin price was trading between $94,000 and $97,000 today, its weakest level since early May and a steep fall from October’s $126,296 all-time high.

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Bitcoin dropped Friday – trading below $96,000 for the first time in over six months – as traders backed off risky assets amid dwindling hopes for an interest-rate cut next month. The cryptocurrency had fallen nearly 4% to $95,721.83 as of 2:30 p.m. ET — putting it on track for its third weekly decline in a row.