Bitcoin drops to more than three-month low vs. dollar, briefly trades below $8,000

Technology

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

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