Bitcoin falls 9% to fall below $93,000 as selloff intensifies

Bitcoin fell sharply on Friday due to broader investor caution towards risk assets.

Bitcoin is trading at around $92,808.07 at 6:57 a.m. ET Friday, down about 9% from 24 hours earlier, when it was priced above $102,000, according to Coin Metrics.

The cryptocurrency hit an all-time high above $108,000 this week, but has since sold off aggressively.

The Federal Reserve rattled markets in recent days as it signaled fewer rate cuts next year. Equity markets took a hit and filtered through to crypto assets.

The price of bitcoin has more than doubled this year, supported by a number of factors, including the launch of spot exchange-traded funds and the US presidential election of Donald Trump. He has promised pro-crypto policies, and his victory at the polls helped propel bitcoin to its recent all-time high.

With some markets on edge because of the Fed, some of the steam has come out of assets that have seen big gains this year.

Teslawhich has been another big beneficiary of Trump’s victory, continued its post-election slide with shares falling Friday in premarket trading. Other big names like Nvidia was also lower during the session.

Bitcoin’s fall also dragged down other cryptocurrencies. Ether fell about 15%, and XRP down 17% from 24 hours before around 07:14 ET.