Bitcoin dips below $40 000, its lowest level in over 3 months
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Prominent and popular cryptocurrency Bitcoin, slid below $40 000 (R628 442) on Monday. Now at its lowest level since the end of September, the world's leading cryptocurrency showed no end to its volatility.
The cryptocurrency dropped to $39 663.18, down from a record high of above $66 000 in October.
After taking a tumble Monday, it recovered some ground, rising to $41,198.
Its recent decline meanwhile continues to drag down other cryptocurrencies.
"The main culprit behind the slump in crypto prices is the Fed's decision to withdraw massive liquidity, which has been pumped into markets since the onset of the coronavirus pandemic," Naeem Aslam, chief market analyst at Avatrade, said.