FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, USA, on January 4, 2018. REUTERS/Lucy Nicholson
NEW YORK (Reuters) – Bitcoin has declined by 15% relative to the U.S. dollar at the end of trading on Tuesday, hitting a 3-1/2-month low, with some analysts attributing the weakness of the investors ‘ warm reception for the launch of the Bakkt the bitcoin futures contracts, on Monday.
Bakkt, a cryptocurrency platform, is affiliated with the Intercontinental Exchange Inc (ICE.(N), that is, the new Bakkt Bitcoin futures contracts, on Monday. But the volume was disappointing, analysts said.
ICE-cream is the property of the New York Stock Exchange.
The largest cryptocurrency by market capitalization, it was the last, down 12.86% to $8,436. Previously, on – $7,998, BTC=BTSP, the lowest level since mid-June.
Bitcoin has been on a downward trend over the past few weeks. Since the beginning of August it was paid by around 35%.
Some market participants said bitcoin is that the decline was, in part, be due to technical factors, suggesting that the digital currency is trading in a descending triangle, a bearish signal.
Bakkt futures have completed, as well as help analysts, even though it is still too early in the morning. Bakkt it was one of the main drivers cited for the bitcoin, the massive bull-run earlier in the year.
“So what we have here is a classic case of buy the rumor and sell the news,” Mati Greenspan, senior market analyst at the social trading platform, eToro, has said in a note.
Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler and Dan Grebler