Bitcoin, the world’s most valuable cryptocurrency by market capitalization, fell more than 9% to $38,147 on Friday.
This is the lowest rate since August 2021, according to CoinMarketCap data.
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This comes after Russia’s central bank suggested prohibiting all cryptocurrency transactions in the nation.
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The government warned on Thursday that speculative demand drove cryptocurrencies’ rapid growth and that they resembled a financial pyramid, signaling the possibility of market bubbles.
Other big cryptocurrencies plummeted as well, including Ethereum, which dropped 8% to $2,878.
According to CoinMarketCap, the loss wiped off approximately $140 billion from the cryptocurrency’s total market capitalization.
