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

The world's largest cryptocurrency was headed for slight weekly losses, pulling back from last week's peak. Additional institutional buying failed to lift prices, after Gamestop announced its purchase of coins worth over $500 million.

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

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