Bitcoin price has fallen about 12% since its record high hit earlier this week.

After breaking above $108,000 for the first time on Tuesday, the world’s largest cryptocurrency fell to a price below $93,000 in early trading on Friday. Bitcoin soon recouped some of those losses, settling at around $95,000 as of 9:30 a.m. ET.

The selloff spread throughout the cryptocurrency market. Ether, the second-largest cryptocurrency, fell about 1%. Lesser-known Dogecoin fell 4% and crypto trading exchange Coinbase fell almost 2%.

Bitcoin’s decline largely came after the Federal Reserve said late Wednesday that it expects fewer interest rate cuts next year.

Lower interest rates typically stimulate economic activity, boost corporate profits and increase the value of forward-looking assets such as stocks and cryptocurrencies. In theory, a longer-than-expected period of high interest rates could reduce these returns.

The Fed’s forecast sent stocks tumbling within minutes and helped send Bitcoin to its lowest level in weeks.

Bitcoin’s recent decline is erasing some of the gains it has made since the election of former President Donald Trump, who was widely seen as friendly to cryptocurrencies. Still, the price is up about 36% since Election Day.

Bitcoin climbed to a new high earlier this week after Trump reiterated his support for a US strategic Bitcoin reserve.

A U.S. strategic Bitcoin reserve would equate to a significant government holding of Bitcoin, similar to the country’s oil or gold reserves. Bitcoin bulls believe such a potentially large Bitcoin acquisition will stimulate demand and drive up the price.

Proponents of a strategic Bitcoin reserve also say the asset would help diversify the country’s financial holdings and protect it from the possible decline in the value of other assets such as the US dollar.

Because Bitcoin’s price is highly volatile, a large purchase of the asset could threaten the country’s financial stability rather than protect it, some critics say.

Major stock indexes rebounded on Thursday, recouping some of the losses they suffered following the Fed’s unwelcome forecast.