Bitcoin dropped significantly on Friday, reflecting broader investor caution toward risk assets.
It briefly fell below $93,000 before recovering in volatile trading.
Early Friday, Bitcoin was priced at $93,809.39, marking an 8% decline from the previous day when it was valued above $102,000.
Bitcoin was trading at $93,809.39, according to Coin Metrics, marking an 8% drop from the previous day when it was priced above $102,000.
The cryptocurrency reached an all-time high above $108,000 earlier this week but has since experienced an aggressive sell-off.
Bitcoin’s price has more than doubled this year, driven by factors such as the launch of spot exchange-traded funds and the U.S. presidential election of Donald Trump.
His pledge of pro-crypto policies and his election victory helped propel Bitcoin to its latest record high.
Bitcoin’s decline also affected other cryptocurrencies, with Ether dropping around 12% and XRP plunging 10% from 24 hours earlier, as of 8:27 a.m. ET.
