Omer Taha Sechin | Anadolu | Getty Images
Bitcoin fell sharply on Friday as investors grew wary of risky assets.
Bitcoin fell below the $93,000 mark earlier in the day, but traded above that price in volatile trading.
The digital asset's last traded price was $97,491.71, down about 5% from its price of more than $102,000 24 hours earlier, according to Coin Metrics.
The cryptocurrency hit an all-time high of over $108,000 this week, but has since been aggressively sold off.
The Fed has spooked markets in recent days by hinting that it will cut interest rates less next year. The stock market has taken a hit, and the impact has also affected crypto assets.
Bitcoin prices have more than doubled this year, helped by several factors including the launch of spot exchange-traded funds and Donald Trump's victory in the US presidential election. He has pledged pro-cryptocurrency policies, and his poll victory helped push Bitcoin to its latest record high.
Some of the momentum is coming from assets that have seen big gains this year, as the Fed's impact has put some markets on edge.
Tesla, another big beneficiary of President Trump's victory, saw its stock fall in premarket trading on Friday, continuing its post-election decline. Other major companies such as Nvidia also fell during the session.
The fall in Bitcoin also caused other cryptocurrencies to fall. Ether is down about 9% and XRP is down 10% compared to 24 hours ago.
