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Bitcoin Slides Below $40,000

This file photo taken on December 17, 2020, shows a physical imitation of a Bitcoin at a cryptocurrency “Bitcoin Change” shop, near Grand Bazaar, in Istanbul.  Ozan KOSE / AFP

Bitcoin slid below $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 $39,663.18, down from a record high of above $66,000 in October.

After taking a tumble Monday, it recovered some ground, rising to $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

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