Bitcoin falls 3% to session low

Bitcoin hit a fresh record at $73,803 earlier today but the enthusiasm has given way to selling as markets broadly sour.

Bitcoin is down 3% on the day to $70,900 as broader markets fret about the Fed decision next week. The US dollar is substantially stronger across the board since a round of US economic data today showed rising producer prices and still-low initial jobless claims. Retail sales were weaker than anticipated but the market isn’t overly concerned about consumers.

I would take the drop in bitcoin as a warning sign for the broader risk trade. The Nasdaq is only down 0.2% but shares of Nvidia are down more than 3%.