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Bitcoin fell sharply on Friday amid broader investor caution toward risk assets.
Bitcoin traded at about $92,808.07 at 6:57 a.m. ET on Friday, up about 9% from 24 hours earlier when it was priced above $102,000, according to Coin Metrics.
The cryptocurrency hit an all-time high above $108,000 just this week, but has since been aggressively sold off.
The Federal Reserve has rattled markets in recent days as it signaled fewer interest rate cuts next year. Equity markets have taken a hit, filtering through to crypto assets.
The price of bitcoin has more than doubled this year, supported by a number of factors including the launch of spot exchange funds and the US presidential election of Donald Trump. He promised pro-crypto policies and his victory at the polls helped propel bitcoin to its latest record high.
With some markets on edge because of the Fed, some of the steam has gone out of assets that have seen big gains this year.
Teslawhich was another big benefit of Trump’s victory, he continued his post-election slide with shares fall on Friday in premarket trading. Other big names like Nvidia they were even lower during the session.
Bitcoin’s fall has also dragged down other cryptocurrencies. Ether was down by about 15%, and XRP plunged 17% from 24 hours earlier, around 07:14 am ET.
