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Bitcoin It fell sharply on Friday amid broader investor caution towards risky assets.
Bitcoin was trading at about $92,808.07 at 6:57 a.m. ET on Friday, down about 9% from 24 hours before its price topped $102,000, according to Coin Metrics.
The cryptocurrency reached an all-time high above $108,000 just this week, but has since been sold off aggressively.
The Federal Reserve has rattled markets in recent days, signaling smaller interest rate cuts next year. Stock markets took a hit, as they moved into crypto assets.
The price of Bitcoin has more than doubled this year, supported by a number of factors including the launch of spot exchange-traded funds and the US presidential election of Donald Trump. He has pledged pro-crypto policies and his victory at the polls helped push Bitcoin to its record high.
With some markets on edge due to the Fed, some momentum has come out of assets that have seen big gains this year.
TeslaIt, another big beneficiary of Trump's victory, continued its decline after the election Stocks fell on Friday In pre-market trading. Other big names like Nvidia It was also lower during the session.
Bitcoin's decline also led to a decline in other cryptocurrencies. ether decreased by about 15%, and XRP It was down 17% from 24 hours earlier, at approximately 7:14 a.m. ET.
