Bitcoin falls around 10% amid concerns about Fed's steps

ISTANBUL

Bitcoin’s price dropped by around 10% in value amid concerns about the Fed's possible steps against inflation.

The world's largest cryptocurrency fell to $92,800 at 1300GMT, and was around $96,000 at 1400GMT, down from $102,800 on Thursday.

The US economy continues to remain hot amid concerns that the Fed is likely to take longer than expected to complete its fight against inflation, which caused selling pressure on risky assets such as cryptocurrencies.

The market cap of Bitcoin recently stood at $1.88 trillion.

Ethereum, another major cryptocurrency, lost 10.5% in value as of 1400GMT to $3,290.