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Bitcoin fell sharply on Friday amid broader investor caution about risk assets.
Bitcoin dipped below the $93,000 mark earlier in the day before trading above that price in volatile trading.
The digital asset last traded at $96,853, according to Coin Metrics, down about 5% from 24 hours earlier when its price topped $102,000.
The cryptocurrency hit an all-time high above $108,000 just this week, but has sold off strongly since then.
The Federal Reserve shook markets in recent days, as it signaled fewer interest rate cuts next year. Equity markets were affected, filtering through to crypto assets.
The price of bitcoin has more than doubled this year, supported by several factors including the launch of a spot exchange trading currency and the US presidential election victory of Donald Trump. He has promised pro-crypto policies and his victory in the polls helped propel bitcoin to its highest level.
With some markets close due to the Fed, some of the steam has come out of assets that have seen big gains this year.
Teslawhich has been another major benefit of Trump's victory, continued his post-election slide shares fall on Friday in premarket trading. Other big names such as Nvidia they were also lower during the session.
The fall of Bitcoin has also slowed down other cryptocurrencies. Ether down about 9%, and XRP has dropped 10% from the previous 24 hours.
