Bitcoin’s value decreased significantly Friday to around US$93,000. This decline of 9% within 24 hours, according to Coin Metrics, follows a recent peak of over US$108,000 earlier in the week.

The decline reflects broader concerns in the financial markets after the United States Federal Reserve indicated fewer interest rate cuts may occur next year.

This statement has contributed to uncertainty across various financial assets, impacting cryptocurrencies like bitcoin.

Bitcoin’s previous surge this year, which saw its value double, was attributed to factors such as the introduction of spot exchange-traded funds. The market sentiment was also influenced by President-elect Donald Trump’s support for cryptocurrency.

Recent Bitcoin developments