FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, U.S., January 4, 2018. REUTERS/Lucy Nicholson
NEW YORK (Reuters) – Bitcoin dropped roughly 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 affiliate of the New York Stock Exchange-owned Intercontinental Exchange Inc (ICE.N), listed the new Bakkt Bitcoin futures contracts on Monday. But volume was underwhelming, analysts said.
The largest cryptocurrency by market capitalization was last down 13.5% at $8,377. Earlier, it hit $7,998 BTC=BTSP, the lowest level since mid-June.
Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler