Bitcoin fell on Friday, continuing its recent decline from record levels amid increasing doubts about U.S. President Donald Trump's trade tariffs, leading to ongoing profit-taking in the cryptocurrency market.

The world's largest cryptocurrency was heading towards slight weekly losses, retreating from its peak recorded last week. Additional institutional buying did not succeed in lifting prices after GameStop announced its purchase of cryptocurrencies worth over $500 million.

Positive regulatory developments provided limited support, as the Securities and Exchange Commission announced the withdrawal of its lawsuit against the cryptocurrency platform Binance.

Bitcoin fell by 1.3% to $106,267.6 by 9:44 AM Saudi time.