Bitcoin has lost 16 per cent of its value over the past two weeks, as some investors use the much-hyped launch of bitcoin exchange traded funds earlier this month to take profits and exit their holdings of the volatile cryptocurrency.
The price of bitcoin sank as much as 3 per cent on Tuesday, falling below $39,000 for the first time since early December.
The recent losses have unwound part of a huge rally late last year, which came amid fevered speculation that the launch of mainstream stock market funds tracking the world’s leading crypto token would draw in new investors to bitcoin.
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