Bitcoin slides below US$40k, lowest in 3.5 months

Bitcoin slid below US$40,000 on Monday, falling to its lowest level since the end of September as the world’s leading cryptocurrency showed no end to its volatility.

Bitcoin dropped to US$39,663.18, down from a record high of above US$66,000 in October.

After taking a tumble on Monday, it recovered some ground, rising to US$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. (AFP)