Bitcoin Drops to 3-Month Low

Bitcoin Drops , to 3-Month Low.

According to Coin Metrics, after 9 p.m.

ET on Jan.

6, bitcoin fell to $41,222.41.

That's the lowest the price of the cryptocurrency has been since Sept.

29.

.

On the morning of Jan.

7, it was trading at $42,391.20.

CNBC reports the dip is likely attributed to investors taking caution amid monetary policy tightening in the U.S. in addition to Kazakhstan's internet shutdown.

CNBC reports the dip is likely attributed to investors taking caution amid monetary policy tightening in the U.S. in addition to Kazakhstan's internet shutdown.

In December, the Federal Reserve implied stimulus checks would likely no longer be provided to the extent that they have been previously.

.

CNBC reports this prompted a sell-off in global markets.

According to CNBC, Kazakhstan is the second-largest bitcoin mining hub in the world.

Its shutdown amid deadly protests in the country is estimated to have taken up to 15% of the bitcoin network offline.

Ethereum and solana also fell 2.3% and 4.7%, respectively