Bitcoin price falls 4% from recent highs, breaches $40,000 level

Bitcoin prices declined on Monday after rising over the weekend to the highest levels since May. Bitcoin has zoomed over the last two weeks, crossing the upper limit of a prolonged trading range between $30,000 and $40,000. Bitcoin rose to $42,390 on Saturday, the cryptocurrency's highest level since May 20.

As per CoinDesk, the world's largest cryptocurrency by market capitalisation fell over 4% to $39,748.5. Ether, the coin linked to ethereum blockchain network, fell at $2,560 whereas dogecoin lost nearly 3% to $0.20. Other digital tokens including Stellar, XRP, Litecoin, Uniswap were also down in the range of 3-8% over the last 24 hours.

Crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood.

In another development, major cryptocurrency exchange Binance has said it would wind up its futures and derivatives business across Europe, the latest move by the platform to dial back its product range as pressure grows from regulators across the world.