Bitcoin falls for first day in 3, but remains above $10,000

Bitcoin fell in spot trading today, for the first day in the last 3, amid a day of respite while gathering momentum, as Bitcoin is holding above the $10,000 mark, in a sign of a coming bull market run.

At Bitstamp, Bitcoin fell by $130 or 1.25% to $10,293, from the opening of $10,423, with a high of $10,458.

Bitcoin rose by 2.6% yesterday, its second daily gain, thanks to relative improvement in demand levels. 

The total market cap of cryptocurrencies fell by $2 billion today, to $264 billion, with most of the major cryptos falling led by Bitcoin.

Bitcoin's lead over the market's trading reached 70%, which is a sign of improved demand.

During last week, Bitcoin's lead jumped to 71.25%, the highest level since March 2017, on positive news that boosted demand and raised confidence levels in Blockchain network.

The fundamentals of the Blockchain network became better than ever, as the retail rate has reached its highest level ever at more than 94 million, approaching the 100 million barrier.

The continued rise in the retail rate is mainly due to lower Bitcoin transaction fees compared to 2017, thanks to recent technical updates and expansions.

On the other hand, the official launch of the Bakkt Bitcoin futures platform is under preparations, which will start on September 23rd.

While the market participants are not very optimistic before the official launch compared to the launch of the CME Bitcoin futures trading platform in December 2017, the crypto market rose strongly, and Bitcoin hit an all-time high near $20,000.

Market's experts see that after the official launch of Bakkt both bulls and bears will try to prove their superiority, which will lead to increased volatility in prices.

Chairman of the US Securities and Exchange Commission, Jay Clayton, said that despite important steps taken to address regulatory concerns about the Bitcoin ETF, there is still work to be done, as the final decision by the SEC on the offering of Bitcoin ETFs submitted by several companies is scheduled for next October.