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Bitcoin fell sharply on Friday as investors became more cautious about risky assets.
Bitcoin fell below the $93,000 level earlier in the day before trading above that price in choppy trading.
According to Coin Metrics, at around 8:26 a.m. ET, bitcoin was trading at $93,809.39, down about 8% from 24 hours earlier, when it was trading above $102,000.
The cryptocurrency hit an all-time high above $108,000 this week, but has since sold off aggressively.
The Federal Reserve has stirred markets in recent days by signaling fewer interest rate cuts next year. Stock markets have suffered by filtering out crypto assets.
The price of bitcoin has more than doubled this year, driven by a number of factors, including the launch of spot funds and the US presidential election of Donald Trump. He promised pro-crypto policies, and his poll victory helped propel Bitcoin to its latest record high.
With some markets in distress due to the Fed, some of the energy has flowed out of assets that have seen strong 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, e.g Nvidia were also lower during the session.
The decline in the value of Bitcoin also resulted in declines in other cryptocurrencies. Ether decreased by approximately 12%, a XRP down 10% from 24 hours earlier at approximately 8:27 a.m. EST.