It's the lowest level since the launch of 11 exchange-traded funds featuring the cryptocurrency earlier this month.

The e-coin's debut on New York exchanges had sparked enthusiasm among fans.

Bitcoin gained around 70% ahead of the launch as traders bet the ETFs would help draw in more everyday investors.

It's now fallen back by around 20%, and some analysts say the slump was always likely.

They note that bitcoin also tumbled following other big crypto events, such as the IPO for major exchange Coinbase.

Other market-watchers say bitcoin just hasn't been able to compete with regular stocks over recent weeks.

Money has poured into equities as U.S. markets surge.

On Monday the S&P 500 index hit a fresh record high for a second straight session.

Tech stocks have led the gains after Taiwan chip giant TSMC said last week that AI would drive a boom in demand for high-end silicon.