Bitcoin is down 5% in volatile trading around $97,000

Bitcoin fell sharply on Friday amid broader investor wariness of risk assets.

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

The digital asset last traded at $97,491.71, according to Coin Metrics, down about 5% from 24 hours earlier, when it was priced above $102,000.

The cryptocurrency hit an all-time high above $108,000 just this week, but has been selling off aggressively ever since.

The Federal Reserve has rattled markets in recent days by signaling fewer interest rate cuts next year. Equity markets took a hit, filtering 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-crypto policies and his election victory helped propel Bitcoin to its latest high.

With some markets on edge because of the Fed, some of the steam is coming from assets that have posted big gains this year.

Teslawho was another big beneficiary of Trump’s victory, continued his post-election slide with stocks fall on Friday in pre-market trading. Other big names like Nvidia were also lower during the session.

Bitcoin’s fall dragged down other cryptocurrencies as well. Ether fell by about 9%, a XRP down 10% from the previous 24 hours.