Omar Taha Setin | Anadolu | Getty Images
Bitcoin It fell sharply on Friday as investors became cautious about risk assets.
Bitcoin was trading at about $92,808.07 at 6:57 a.m. ET on Friday, down about 9% from prices above $102,000 24 hours earlier, according to Coin Metrics.
Just this week, the cryptocurrency hit an all-time high above $108,000, but has since sold off sharply.
In recent days, the Federal Reserve has unnerved markets by hinting at smaller interest rate cuts next year. The stock market took a hit, affecting crypto assets.
Bitcoin prices have more than doubled this year, supported by a variety of factors including the launch of spot exchange-traded funds and the election of Donald Trump as U.S. president. He has promised pro-cryptocurrency policies, and his victory in the polls helped Bitcoin hit its latest all-time high.
Some markets are on edge due to the Fed’s fallout, driven in part by assets that have surged this year.
TeslaThe company, another big beneficiary of Trump’s victory, continued its post-election slide, with shares falling in premarket trading Friday. Other big names such as NVIDIA It is also lower during meetings.
Bitcoin’s decline also weighed on other cryptocurrencies. ether dropped by approximately 15%, and Ripple That’s a 17% plunge from 24 hours ago (around 07:14 a.m. ET).
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