Bitcoin The U.S. dollar hovered around $97,000 on Friday, recovering from earlier losses as investors generally became more cautious about risk assets.
Bitcoin fell below $93,000 earlier within the day before trading above that price in volatile trading.
According to Coin Metrics, the digital asset was last traded at $96,597.36, near levels reached about 24 hours ago. The cryptocurrency hit an all-time high of over $108,000 just this week, but has since experienced an aggressive sell-off.
The Federal Reserve has rattled markets in recent days by announcing fewer rate of interest cuts next 12 months. Stock markets took a success, which also impacted crypto assets.
Bitcoin's price has greater than doubled this 12 months because of several aspects, including the launch of spot exchange-traded funds and Donald Trump's victory within the US presidential election. He has promised pro-crypto policies and his election victory helped push Bitcoin to its recent record high.
With some markets tightened by the Fed, a few of the momentum has come from assets which have posted big gains this 12 months.
Teslawhich was one other big beneficiary of Trump's victory, continued its post-election slide, with shares falling in premarket trading on Friday. Other big names resembling Nvidia were also lower throughout the session.
Bitcoin's crash has also affected other cryptocurrencies. ether was trading at 3,446.15.
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