ReutersSep 25, 2019 03:16:02 IST
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin dropped around 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 affiliated with the Intercontinental Exchange Inc
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
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.
Bakkt futures not having taken off as expected also does not help, analysts said, even though it is still early. Bakkt was one of the main catalysts cited for bitcoin's massive bull run earlier in the year.
"So what we've got here is a classic case of buying the rumour and selling the news," Mati Greenspan, senior market analyst at social trading platform eToro, said in a note.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler and Dan Grebler)
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