On Friday, Bitcoin fell to its lowest level since September 29 after slumping 5% to $40,938.
This decline is attributed to a mix of U.S. payroll data that led to some bargain purchases, worries about tighter U.S. monetary policy, and the shutdown of Kazakhstan’s internet.
Bitcoin has lost more than 40% since hitting a record high of $69,000 in November, driven by volatility that continues to severely hamper the cryptocurrency’s growth.
Matthew Dibb, COO of crypto platform Stack Funds in Singapore, explained the issues surrounding Bitcoin and its decline: “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. Liquidity in BTC has been quite thin on both sides and there is a risk of a retreat back to the mid-30’s on the short term.”
Ether also fell 8.6% to $3,114, the lowest level since October. 1. Ether was last trading down more than 6% at $3,200.
For more information, read the original story in Reuters.