Bitcoin Drops To More Than Three-month Low, Briefly Trades Below $8,000
Bitcoin

Bitcoin dropped around 15% against the U.S. dollar in late trading on Tuesday, hitting a 3-1/2-month low, with some analysts ascribing the weakness to investors’ lukewarm reception to the launch of Bakkt’s bitcoin futures on Monday.

Bakkt, a cryptocurrency platform affiliated with the Intercontinental Exchange Inc (ICE.N), listed the new Bakkt Bitcoin futures contracts on Monday. But volume was underwhelming, analysts said.

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ICE is owned by the New York Stock Exchange.

The largest cryptocurrency by market capitalization was last down 12.86% at $8,436. Earlier, it hit $7,998 BTC=BTSP, the lowest since mid-June.

Bitcoin has been on a downtrend in recent weeks. Since early August, it has plunged about 35%.

Some market participants said bitcoin’s fall was partly due to technical factors, noting that the digital currency has been trading in a descending triangle, a bearish signal.