The price of bitcoin fell below the $41,000 mark on Friday, reaching its lowest level since Sept. 29, according to data from Coin Metrics.
Hawkish comments from the Federal Reserve this week triggered a sell-off in global stock markets which spilled over into cryptocurrencies.
An internet shutdown in Kazakhstan, the world's second-largest bitcoin mining hub, is also weighing on crypto prices.
The price of bitcoin fell below the $41,000 mark to $40,749.90 just after 10:50 a.m. ET Friday, reaching its lowest level since Sept. 29, according to data from Coin Metrics. It was last trading down 2.9% at a price of $41,947.75.The hawkish comments triggered a sell-off in global stock markets which spilled over into cryptocurrencies. Bitcoin bulls often describe it as an asset that is uncorrelated to traditional financial markets, however experts have noticed growing parallels in the price movements of bitcoin and stocks.
Kazakhstan's internet shutdown took as much as 15% of the network offline, according to some estimates.
Bitcoin's computing power "is not directly correlated to the price of Bitcoin, but it gives an indication of the network's security, so a fall can spook investors in the short term," Marcus Sotiriou, analyst at U.K.-based digital asset broker GlobalBlock, said in a note Thursday.
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