Omer Taha Cetin | Anadolu | Getty Images
Bitcoin fell sharply on Friday amid broader investor caution toward risk assets.
Bitcoin dipped below the $93,000 mark earlier in the day before trading above that price in volatile trade.
By around 8:26 ET, bitcoin was trading at $93,809.39, according to Coin Metrics, down around 8% from 24 hours before when it was priced above $102,000.
The cryptocurrency hit an all-time high above $108,000 just this week, but has since sold off aggressively.
The Federal Reserve rattled markets in recent days, as it signaled fewer interest rate cuts next year. Equity markets took a hit, filtering through to crypto assets.
The price of bitcoin price has more than doubled this year, supported by a number of factors including the launch of spot exchange-traded funds and the U.S. presidential election of Donald Trump. He has pledged pro-crypto policies and his victory at the polls helped propel bitcoin to its latest record high.
With some markets on edge due to the Fed, some of the steam has come out of assets that have seen big gains this year.
Tesla, which has been another big beneficiary of Trump’s win, continued its post-election slide with shares falling on Friday in premarket trade. Other big names like Nvidia were also lower during the session.
Bitcoin’s fall also dragged down other cryptocurrencies. Ether was down around 12%, and XRP plunged 10% from 24 hours prior, at around 8:27 a.m. ET.