BitcoinDue to concerns about tightening U.S.monetary policy and an outage in Kazakhstan (the second largest bitcoin mining country), the stock market plunged to a three month low on Thursday.

Just after 9 PM, bitcoin’s price fell to $41,222.41. According to Coin Metrics data, the bitcoin price fell to $41,222.41 ET on Thursday. This was its lowest point since September 29. Last Friday, it was trading at $42,391.20.

After the announcement of the upcoming global cryptocurrency summit, the world’s biggest began to fall earlier in this week. minutes from the Federal Reserve’s December meetingThe U.S. central banks would likely reduce the stimulus it provided during the Pandemic Era.

These hawkish comments led to an increase in stock market volatility that eventually spilled into cryptocurrency markets. Although bitcoin bulls describe it as an uncorrelated asset to traditional financial markets experts are noticing growing similarities in price movements between stocks and bitcoin.

The slide in other digital currencies was continued Friday ethereumLoss of 2.3% solanaFalling at 4.7%

A piece of news that could impact crypto price movements is: Kazakhstan president’s move to shutter internet serviceAfter deadly protests against authorities.

According to The Blockchain Foundation, 18% of bitcoin network processing power is located in Central Asia. Cambridge Centre for Alternative Finance. Numerous crypto miners fled China for neighboring KazakhstanOver Beijing’s ban of virtual currency mining

According to estimates, Kazakhstan lost as many as 15% of its internet network.

Bitcoin’s computing power is not directly related to Bitcoin’s price, but it provides an indicator of its security, so investors can be scared in the short-term,” Marcus Sotiriou (an analyst at GlobalBlock in U.K.) said in a Thursday note.

This report was contributed by Mackenzie Sigalos, CNBC.