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

Bitcoin , 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, which runs on the ethereum blockchain, fell 7% to about $2,868, and XRP , Bitcoin Cash , Litecoin and Monero all posted sharp losses, according to Kraken data.