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,
-6.28%
,
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,
-7.38%
,
which runs on the ethereum blockchain, fell 7% to about $2,868, and XRP
XRPUSD,
-5.34%
,
Bitcoin Cash
BCHUSD,
-6.52%
,
Litecoin
LTCUSD,
-7.19%

and Monero
XMRUSD,
-4.99%

all posted sharp losses, according to Kraken data.

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