Bitcoin The U.S. dollar hovered around $97,000 on Friday, recovering from earlier losses as investors generally became more cautious about risk assets.

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

According to Coin Metrics, the digital asset was last traded at $96,597.36, close to levels reached about 24 hours ago. 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.

Bitcoin’s price has more than doubled this year due to several factors, including the launch of spot exchange-traded funds and Donald Trump’s victory in the 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 Stocks fall on Friday in pre-market trading. Other big names such as Nvidia were also lower during the session.

Bitcoin’s crash has also affected other cryptocurrencies. ether was trading at 3,446.15.