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For the second time in two weeks, the price of bitcoin falls below $40,000

In the face of headwinds from the Russian central bank’s call to ban crypto trading, the price of Bitcoin fell below US$40,000 for the second time in two weeks on Friday.

According to CoinMarketCap, Bitcoin fell as much as 11% on Friday morning Asia time, and was trading at US$38,599 at press time.

Only on January 11 did the world’s largest cryptocurrency fall below the psychological price level, indicating a sluggish start to 2022 for the entire market.

According to a Cambridge University index, Russia is the third-largest Bitcoin miner by average monthly hashrate share (11%) after the United States (35%) and Kazakhstan (18%).

The overall crypto market cap has been hovering around $2 trillion since early January, when it dipped below that level for the first time since October 2021.

Over the same time period, Ethereum was down 13%, trading at US$2,848, and altcoins Cardano and Solana were both down roughly 15%, trading at US$1.22 and US$125, respectively.

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