Bitcoin dives below $40,000, the first time in 14 weeks

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.