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

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

Bitcoin
BTCUSD,
-5.48%,
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,
-6.41%,
which runs on the ethereum blockchain, fell 7% to about $2,868, and XRP
XRPUSD,
-5.35%,
Bitcoin Cash
BCHUSD,
-6.24%,
Litecoin
LTCUSD,
-6.41%
and Monero
XMRUSD,
-3.59%
all posted sharp losses, according to Kraken data.