Bitcoin Drops 10 Percent

Bitcoin is losing ground. The value of the world’s most famous crypto coin fell by more than ten percent compared to the peak a few days ago.

Bitcoin fell to $95,234 on Friday after hitting a record high earlier this week of more than $108,000. Smaller cryptocurrencies like Ether and Dogecoin lost even more ground.

Analysts point to profit-taking and corrections in the highly volatile market. Bitcoin also fell in value on Thursday in response to news that the US central bank will cut interest rates less sharply next year, which weighs on speculative investments.

The drop does not alter that Bitcoin has risen 50 percent since Donald Trump’s election. The world’s most famous cryptocurrency is riding on Trump’s promises to make the US “the crypto capital of the planet” as the next president. He also spoke of creating a strategic national reserve of bitcoins.