Bitcoin Hovers Near 3-Month Low Amid Sell-Off On Concerns Of Tighter Fed Policy
NDTV
The world's biggest cryptocurrency has lost over 40 per cent since hitting a record high of $69,000 in November and the volatility that has plagued it since its birth 13 years ago remains stubbornly present.
Bitcoin slumped as much as five per cent on Friday to its lowest since late September, amid a broader sell-off for cryptocurrencies driven by concerns about tighter U.S. monetary policy. Bitcoin was last down more than three per cent at $41,704 after touching $40,938, its lowest since Sept. 29, as a mixed bag of U.S. payrolls data fuelled some bargain buying.
The world's biggest cryptocurrency has lost over 40 per cent since hitting a record high of $69,000 in November and the volatility that has plagued it since its birth 13 years ago remains stubbornly present.
The global computing power of the bitcoin network has dropped sharply this week following the shutdown of Kazakhstan's internet as an uprising hit the country's fast-growing cryptocurrency mining industry.
Bitcoin has also been under pressure after minutes from the latest U.S. Federal Reserve meeting, released on Wednesday, appeared to lean toward more aggressive policy action, sapping investor appetite for riskier assets.
