Bitcoin falls to lowest level since bitcoin ETF launch

The news: Bitcoin fell below USD40,000 ($61,000) for the first time since the launch of 11 spot bitcoin exchange-traded funds (ETFs) earlier this month, Reuters reported.

The numbers: The world's largest cryptocurrency dropped to a seven-week low on Monday, down 3.98% to USD39,938, while the second biggest cryptocurrency Ether was down 6.37% to USD2,328.

The context: Bitcoin rallied in early January in anticipation of the US Securities and Exchange Commission's (SEC) approval of bitcoin ETFs and the prospect of opening cryptocurrency to new investors. Bitcoin had gained around 70% since August, when the SEC was told by a US federal court to review its rejection of Grayscale Investment's bitcoin ETF application.