Cryptocurrency news: Bitcoin falls below $40,000, all about Ether

The concerns around cryptocurrency saw Bitcoin on Wednesday dropping briefly below $40,000 for the first time since August in volatile trading. This is the third consecutive day of fall for the virtual currency.

Rivals including Ether and Litecoin also slumped.

“Bitcoin needs to retake the 200-day moving average at $46,000 and consolidate before a collective sigh can be released,” Antoni Trenchev, co-founder of crypto lender Nexo told news agency Reuters.

The fall was a result of a discussion on cryptocurrencies on Tuesday where US Securities and Exchange Commission Chair Gary Gensler said past instances of banks and other firms offering private forms of money have failed.