Currencies

Bitcoin has dropped to its lowest level since September.

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Bitcoin fell as low as $41,000 on Friday, the lowest level since late September, as part of a broader sell-off in cryptocurrencies.

Bitcoin was down 3.7 percent at $40,938, its lowest level since September 29. Since hitting a record high of $69,000 in November, the world’s largest cryptocurrency has lost more than 40% of its value, and the volatility that has plagued it since its inception 13 years ago has persisted.

The bitcoin network’s worldwide computing power has plummeted drastically this week after Kazakhstan’s internet was shut down as an upheaval damaged the country’s fast-growing cryptocurrency mining business.The bitcoin network’s worldwide computing power has plummeted drastically this week after Kazakhstan’s internet was shut down as an upheaval damaged the country’s fast-growing cryptocurrency mining business.

The latest minutes from the US Federal Reserve meeting, issued on Wednesday, looked to edge toward more aggressive policy action, sapping market enthusiasm for riskier assets, including bitcoin.

“We are seeing broad risk-off sentiment across all markets currently as inflationary concerns and rate hikes appear to be at the forefront of speculators’ minds,” said Matthew Dibb, of Singapore crypto platform Stack Funds.

“Liquidity in BTC has been quite thin on both sides and there is risk of a retreat back to the mid-30’s on the short term.”

Ether, the second most valuable cryptocurrency by market capitalization, plummeted as high as 8.6% to $3,114, its lowest level since October 1.