Bitcoin traded at around $27,808.07 at 6:57 a.m. ET on Friday, down around 9% from 24 hours before where it was priced above $30,000, according to Coin Metrics.
The cryptocurrency hit an all-time high above $32,000 just this week, but has since sold off aggressively.
The Federal Reserve rattled markets in recent days, as it signaled fewer interest rate cuts next year. Equity markets took a hit, filtering through to crypto assets.
The price of bitcoin has more than doubled this year, supported by a number of factors including increased institutional adoption and growing acceptance as a legitimate asset class. However, with some markets on edge due to the Fed’s stance, some of the steam has come out of assets that have seen big gains in 2024.
Bitcoin’s fall also dragged down other cryptocurrencies. Ether was down around 15%, and XRP plunged 17% from 24 hours prior, at around 07:14 a.m. ET.