Bitcoin is around $97,000

bitcoin It was around $97,000 on Friday, recovering from earlier losses amid investor caution toward risk assets.

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

The digital asset was last trading at $96,597.36, according to Coin Metrics, standing close to the level reached about 24 hours ago. The cryptocurrency hit an all-time high above $108,000 just this week, but has since sold off aggressively.

The Federal Reserve shook markets in recent days as it signaled fewer interest rate cuts next year. Stock markets took a hit that trickled down to crypto assets.

The price of bitcoin has more than doubled this year, supported by several factors, including the launch of spot exchange-traded funds and Donald Trump’s victory in the US presidential election. He promised pro-cryptocurrency policies and his victory at the polls helped propel Bitcoin to its latest high.

With some markets on edge due to the Federal Reserve, part of the boost is coming from assets that have seen big gains this year.

teslawhich has been another major beneficiary of Trump’s victory, continued its post-election decline with stocks falling on friday in pre-market trade. Other big names like NVIDIA They were also lower during the session.

The fall of Bitcoin also dragged down other cryptocurrencies. Ether was trading around 3,446.15.