Crypto: Bitcoin drops below $40,000 amid crypto slide after Russia proposes ban

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Cryptocurrency prices tumbled overnight, with bitcoin hitting its lowest price since last August.

Bitcoin
BTCUSD,
-6.68%,
the world largest crypto by market cap, slid more than 6% and dropped below the $40,000 level, last trading at about $38,800 as of midnight Friday. Ether
ETHUSD,
-7.91%,
which runs on the ethereum blockchain, fell 7% to about $2,868, and XRP
XRPUSD,
-6.58%,
Bitcoin Cash
BCHUSD,
-6.79%,
Litecoin
LTCUSD,
-7.04%
and Monero
XMRUSD,
-5.46%
all posted sharp losses, according to Kraken data.