Bitcoin fall by more than 4.5% to 3-week low on increased sell-off

Bitcoin fell by more than 4.5% in spot trading on Monday, to hit a 3-week low and head for the first loss in 3 days, after leaving the volatility range and fell below $9,000, as the crypto market is still mainly thirthy for new catalyst to boost demand.

At Bitstamp exchange, Bitcoin lost $436 or 4.8% to $8,593 (lowest since October 25th), after it opened at $9,029, with an intraday high of $9,075.  

Bitcoin gained 2.4% yesterday, its second straight daily gain, in its attempts to rebound from the 2-week low of $8,661 it hit in Friday.

During the last week, Bitcoin prices lost 2%, the second straight weekly loss, as the impact of the Chinese leader's positive statements about the crypto industry faded.

The total market capitalization of cryptocurrencies fell by $7 billion today, to a total of $239 billion, as Bitcoin and most other major cryptos fell.

After Bitcoin maintained a narrow range of trading volatility above the $9,000 in nearly 2 weeks, it gave up on that range and fell as demand slowed amid the lack of catalyst in the market. 

The open selling activity were renewed at the beginning of this week, which pushed Bitcoin to 3-week low, and still likely to drop further if it fell under the $8,000 barrier.

The former European Central Bank Chief, Jean-Claude Trichet, launched a sharp attack on Bitcoin during the Caixin conference in Beijing.

South China Morning Post reported on November 10 that Trichet said he is strongly against Bitcoin as it lacks the characteristics of a currency and is purely speculative.

Trichet added  “I am strongly against Bitcoin, and I think we are a little complacent, the currency itself is not real, with the characteristics that a currency must have.”