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Bitcoin hovered around the $97,000 mark on Friday, recovering from earlier losses amid widespread investor caution toward risk assets.
Earlier in the day, Bitcoin dipped below the $93,000 mark before trading above that price in choppy trading.
The digital asset last traded at $96,597.36, according to Coin Metrics, hovering around a level reached about 24 hours ago. The cryptocurrency hit an all-time high above $108,000 just this week, but has been selling aggressively ever since.
The Federal Reserve rattled markets in recent days when it signaled fewer interest rate cuts next year. Stock markets have been hit by crypto-assets.
The price of bitcoin has more than doubled this year, helped by several factors, including the launch of spot exchange-traded funds and Donald Trump’s victory in the US presidential election. He promised a pro-crypto policy, and his election victory helped propel Bitcoin to recent record highs.
With some markets under pressure from the Fed, some of the energy has come from assets that have rallied significantly this year.
Teslawhich was another big beneficiary of Trump’s victory, continued its decline after the election shares are filed on Friday in premarket trading. Other famous names such as Nvidia were also smaller during the session.
The fall of Bitcoin has dragged other cryptocurrencies with it. Ether traded around 3446.15.
