Bitcoin Drops to Lowest Level Since September

On Friday, Bitcoin fell more than five percent to its lowest level since the end of September, falling below $41,000 in a broader sell-off in cryptocurrencies.

Bitcoin fell 3.7 percent in its last trading after touching $40,938, its lowest since September 29.

The world’s largest cryptocurrency has lost more than 40 percent of its value since hitting a record high of $69,000 in November.

Bitcoin was hit this week in the wake of an internet outage in Kazakhstan due to an escalating wave of protests, which negatively affected the country’s fast-growing cryptocurrency mining.

Bitcoin also faced pressure after announcing the facts of the latest US central bank meeting on Wednesday, which appears to be heading to tighten monetary policy further, undermining investors’ appetite for risky assets.

Ether, the second largest cryptocurrency, fell about 8.6 percent to $3,114, its lowest since October 1.