In late trading on Tuesday, Bitcoin dropped around 15% against the U.S. dollar, hitting a 3-1/2-month low.
Some analysts have ascribed the drop in Bitcoin to investors’ lukewarm reception to the launch of Bakkt’s bitcoin futures on Monday.
On Monday, Bakkt, a cryptocurrency platform affiliated with the Intercontinental Exchange Inc (ICE.N), listed the new Bakkt Bitcoin futures contracts and volume was underwhelming, analysts said.
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.
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