Omer Taha Cetin | Anadolu | Getty Images
Bitcoin fell sharply on Friday amid investors’ general caution toward risky assets.
According to Coin Metrics, Bitcoin was trading at about $92,808.07 as of 6:57 a.m. ET on Friday, down about 9% from 24 hours earlier when the price was above $102,000.
The cryptocurrency hit an all-time high of over $108,000 just this week, but has since experienced an aggressive sell-off.
The Federal Reserve has been shaking up markets in recent days by announcing fewer interest rate cuts next year. Stock markets took a hit, which also impacted crypto assets.
The price of Bitcoin has more than doubled this year, driven by a number of factors including the launch of spot exchange-traded funds and Donald Trump’s US presidential election. He has promised pro-crypto policies and his election victory helped push Bitcoin to its recent record high.
With some markets tightened by the Fed, some of the momentum has come from assets that have posted big gains this year.
Teslawhich was another big beneficiary of Trump’s victory, continued its post-election decline Stocks fall on Friday in pre-market trading. Other big names like Nvidia were also lower during the session.
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