Bitcoin falls 9%, dropping below $93,000 as sell-off intensifies

Bitcoin fell sharply on Friday amid broader investor caution toward 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.

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 price has more than doubled this year, supported by a number of factors including the launch of spot exchange-traded funds and the U.S. presidential election 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.

Tesla, which has been another big beneficiary of Trump’s win, continued its post-election slide with shares falling on Friday in premarket trade. Other big names like Nvidia were also lower during the session.

Bitcoin’s fall also dragged down other cryptocurrencies. Ether was down around 15%, and XRP plunged 17% from 24 hours prior, at around 07:14 a.m. ET.