Bitcoin fell on Friday, continuing its recent declines as the profit-taking trend in cryptocurrency markets persists amid a lack of signs of slowdown in this trend due to increasing uncertainty regarding trade and the U.S. economy.

Meme coins linked to President Donald Trump and billionaire Elon Musk saw significant losses amid a rising and public feud between the two. The $TRUMP coin and Dogecoin led this trend.

The largest cryptocurrency in the world dropped by 1.6% to $102,965.7 by 08:58 Saudi time, after previously falling to $101,127.6. The broader cryptocurrency markets also experienced significant declines alongside Bitcoin.

Risk appetite was affected by a wave of selling on Wall Street, which was partly driven by the dispute between Trump and Musk.

Traders also remained on edge before the release of important non-farm payroll data scheduled for later today, which is expected to show a continued slowdown in the U.S. labor market.