Bitcoin dropped on Monday to its lowest level in seven weeks as it traded below $40,000 for the first time since the launch of its exchange-traded funds on January 11th.
The world’s largest cryptocurrency quickly recovered but experienced a decline in its latest trading session, dropping by 3.39 percent to $40,181. This is its lowest level since December 4th.
Ether, the second-largest digital currency, also dropped by 5.75 percent to $2343.55.
The decrease in Bitcoin followed its rise after the approval by the US Securities and Exchange Commission earlier this month to launch 11 exchange-traded funds in the cryptocurrency, making it available to a large number of new investors. (Reuters)
