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Bitcoin hovers near more than 3-month lows on U.S. payroll data, wide sell-off

Bitcoin slumped up to five percent on Friday, its lowest level since late September

Bitcoin plunged up to five percent on Friday, to its lowest level since late September, amid a wider sell-off in cryptocurrencies fueled by concerns about tighter US monetary policy. Bitcoin was last down more than three percent to $ 41,704 after hitting $ 40,938, its lowest level since September 29, as a mixed mix of US salary data spurred some bargain purchases.

The world’s largest cryptocurrency has lost over 40 percent since its record high of $ 69,000 in November, and the volatility that has plagued it since it was born 13 years ago remains stubbornly present.

The global computing power of the Bitcoin network plummeted this week after the Kazakh internet shutdown when an uprising hit the country’s fast-growing cryptocurrency mining industry.

Bitcoin also came under pressure after minutes of the Fed’s latest meeting, released Wednesday, tended to adopt more aggressive policies, diminishing investor appetites for riskier assets.

“We are currently seeing a broad risk appetite in all markets, as inflation concerns and interest rate hikes seem to be in the foreground of the speculators,” said Matthew Dibb, COO of the crypto platform Stack Funds from Singapore.

“Liquidity at BTC has been pretty thin on both sides and there is a risk of a short-term retreat into the mid-30s.”

Ether, the second largest token by market cap, fell 8.6 percent to $ 3,114, its lowest level since October 1. Most recently, it was down more than six percent to $ 3,200.

(Except for the headline, this story has not been edited by NDTV staff and will be posted via a syndicated feed.)

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