Bitcoin has seen its first weekly decline since Trump's election, dropping over 7% amid changing Fed policies and market uncertainty.

Bitcoin pared earlier losses after capping its first weekly decline since Donald Trump’s election victory, while many smaller tokens turned higher on the day.

Cryptocurrency markets have soared since Donald Trump won the U.S. presidential election in November. The asset climbed from $69,374 on Election Day, hitting as high as $106,490 last week, largely accelerated by Trump's win and his pledge to make the country "the crypto capital of the planet."

One industry group has gone as far as to draft a text of a potential executive order Trump could use to establish a bitcoin stockpile.

The crypto industry is urging Donald Trump’s team to begin his promised crypto policy changes when he becomes president next month. Industry officials say they want him to use executive orders to make cryptocurrencies more mainstream.