Bitcoin falls 8% around $93,000 in volatile trading as selloff intensifies

Bitcoin fell sharply on Friday due to investors’ general reluctance to embrace risky assets.

Bitcoin fell below $93,000 earlier in the day before trading above that price in volatile trading.

As of 8:26 a.m. ET, Bitcoin was trading at $93,809.39, down about 8% from 24 hours earlier, when the price was above $102,000, according to Coin Metrics.

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 interest rate cuts next year. Stock markets took a hit, which also impacted crypto assets.

The price of Bitcoin has more than doubled this year, driven by a number of factors including the launch of spot exchange-traded funds and Donald Trump’s 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, some of the momentum has come from assets that have posted big gains this year.

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

Bitcoin’s crash has also affected other cryptocurrencies. ether was down about 12%, and XRP up 10% from 24 hours earlier, around 8:27 a.m. ET.