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

ReutersSep 25, 2019 03:15:14 IST

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 , 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 , the lowest level since mid-June.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler)

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