Cryptocurrency

Bitcoin falls for third day as demand slows

2019-09-10 10:54:47 GMT (Economies.com)

Bitcoin fell in spot trading today, for the third consecutive day, heading to give up the $10,000 barrier, as demand slowed, which is reflected in the decline of the currency's lead over the market's trading from the highest level in two and a half years.

 

At Bitstamp, Bitcoin fell by 0.8% or $84%, to $10,233, from the opening of $10,317, with a high of $10,390.

 

Yesterday, Bitcoin shed 0.9%, its second consecutive daily loss, and hit a 1-week low of $10,060.

 

The total market cap of cryptocurrencies fell by $1 billion today, to $264 billion, with most of the major cryptos falling led by Bitcoin.

 

While Bitcoin is currently heading to give up the $10,000 barrier, as demand slowed, which appears in the decline of the currency's lead over the market's trading, from the highest in two and a half year.

 

Bitcoin's lead over the market's trading reached 69.5%, below its highest level in two and a half years at 71.25% reached earlier in the week.

 

This reflects that the market participants are not very optimistic before the official launch of the Bakkt Bitcoin futures platform, which will start on September 23rd.

 

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.

 

While 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 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.

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