Bitcoin plunged 5% today, falling to its lowest level since late September, below $ 41,000, amid a general wave of cryptocurrency sales.
Recently, the price for the largest cryptocurrency was over 42,000 dollars, having previously fallen to 40,938 dollars.
That price is 40% lower than the $ 69,000 high of bitcoin in November. The large price fluctuations, which have been evident since it was first released 13 years ago, still persist.
The global computing power of the bitcoin network fell sharply this week as the internet shutdown in Kazakhstan, following the uprising, hit the country’s fast-growing cryptocurrency industry.
Bitcoin is also being pressured by the emerging trend of the US Federal Reserve, as shown in the minutes of its last meeting, to tighten its monetary policy faster, limiting investors’ disposition for more risky assets.
“We are seeing a wider climate of risk aversion in all markets now as inflation concerns and interest rate hikes seem to be bothering speculators,” said a Stack Funds cryptocurrency platform executive in Singapore. “low enough on both sides and there is a risk that its price will fall to around $ 35,000 in the near future.”
Ether, the second-largest cryptocurrency in the market, fell 8.6 percent to $ 3,114, the lowest level since October 1.
Source: AMPE
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