Bitcoin (BTC) recently surged to an all-time high of $108,364, only to plummet to $92,118 within three days.

Bitcoin, the largest digital asset, dropped 9.5% over the seven-day period through 10 a.m. Monday in London. On Wednesday, the Federal Reserve implemented its third consecutive interest rate cut while signaling a slower pace of monetary easing in the coming year to control inflation, sending global stocks into a downward spiral. This hawkish shift also dampened the speculative mood in the crypto market, which had been fueled by Trump’s promise of friendly regulations and his support for a national Bitcoin stockpile. A record outflow from U.S. exchange-traded funds directly investing in Bitcoin last week is expected to weigh on prices in the near term, according to Sean McNulty, director of trading at liquidity provider Arbelos Markets.

“We should maintain the $90,000 level for Bitcoin through the end of the year, but a drop below that could trigger further liquidations,” McNulty noted. He also pointed out that there was significant “downside hedging” in the options market last week, with large buyers placing puts for January, February, and March at $75,000 to $80,000 strikes.

Bitcoin was trading around $96,000, nearly $12,000 lower than its record high set on December 17. Still, the token has risen by approximately 40% since the presidential election on November 5.