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Bitcoin It fell sharply on Friday as investors grew wary of risky assets.
Bitcoin fell below the $93,000 mark earlier in the day, but traded above that price in volatile trading.
By around 8:26 a.m. ET, Bitcoin was trading at $93,809.39, down about 8% from 24 hours earlier, when it was trading at more than $102,000, according to Coin Metrics.
The cryptocurrency hit an all-time high of over $108,000 this week, but has since been aggressively sold off.
The Fed has spooked markets in recent days by hinting that it will cut interest rates less next year. The stock market has taken a hit, and the impact has also affected crypto assets.
Bitcoin prices have more than doubled this year, supported by a number of factors including the launch of spot ETFs and the election of US President Donald Trump. He has pledged a pro-cryptocurrency policy, and his poll victory helped push Bitcoin to its latest record high.
Some of the momentum is coming from assets that have seen big gains this year, as the Fed’s impact has put some markets on edge.
teslaThe company, which has been another big beneficiary of President Trump’s victory, saw its stock fall in premarket trading on Friday, continuing its post-election decline. Like other big names Nvidia It also decreased during the session.
The fall in Bitcoin has caused other cryptocurrencies to fall as well. ether down about 12%, XRP As of 8:27 a.m. ET, the stock had fallen 10% from 24 hours ago.
