Bitcoin falls 9%, dropping below $93,000 as sell-off intensifies
- Bitcoin fell sharply on Friday amid broader caution in risk assets.
- Bitcoin traded at around $92,808.07 at 6:57 a.m. ET on Friday, down around 9% from 24 hours before where it was priced above $102,000, according to Coin Metrics.
- The cryptocurrency hit an all-time high above $108,000 just this week, but has since sold off aggressively.
Bitcoin hovered around the $97,000 mark on Friday, recovering from earlier losses amid broader investors caution toward risk assets.
Bitcoin dipped below the $93,000 mark earlier in the day before trading above that price in volatile trade.
The digital asset was last trading at $96,597.36, according to Coin Metrics, hovering near level attained about 24 hours ago. 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 has more than doubled this year, supported by several factors including the launch of spot exchange-traded funds and the U.S. presidential election win 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.
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Tesla, which has been another big beneficiary of Trump's win, continued its postelection slide with shares falling on Friday in premarket trade. Other big names such as Nvidia were also lower during the session.
Bitcoin's fall also dragged down other cryptocurrencies. Ether was trading around 3,446.15.
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