Bitcoin fell five percent on Friday to its lowest level since late September
Bitcoin fell as much as five percent on Friday to its lowest level since late September, amid a broad sell-off for the cryptocurrency, driven by concerns about tighter US monetary policy. Bitcoin was last down more than three percent at $41,704, after touching $40,938, its lowest since September 29, as a mixed bag of US payroll data fueled some bargaining.
The world’s largest cryptocurrency has lost more than 40 percent since hitting a record high of $69,000 in November and remained volatile since its birth 13 years ago.
The global computing power of the bitcoin network fell sharply this week, as Kazakhstan’s shutdown of the internet hit a revolt in the country’s booming cryptocurrency mining industry.
Bitcoin has also been under pressure just minutes after the latest US Federal Reserve meeting released on Wednesday appears to be leaning toward more aggressive policy action, reducing investor appetite for riskier assets.
“We are currently seeing broad risk-off sentiment across all markets as inflation concerns and rate hikes remain at the fore of speculators’ minds,” said Matthew Dibb, COO of Singapore crypto platform Stack Funds.
“Liquidity in BTC has been quite thin on both sides and there is a risk of a reversal to the mid-30s in the near term.”
Ether, the second-largest token by market cap, fell 8.6 percent to $3,114, its lowest since October 1. It was last trading at $3,200, down more than six per cent.
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