Bitcoin holds above $10,000 but demand remains weak

Bitcoin fell in spot trading today, continuing its losses that were stopped yesterday in rebound attempts from a 1-week low, while it held above the $10,000 barrier today, but demand demand is still weak as the market needs new catalyst.

As of 8:25 GMT, at Bitstamp, Bitcoin fell by $53 or 0.5% to $10,110, from the opening of $10,163, with a high of $10,207 and a low of $10,027

Bitcoin rose by 0.6% yesterday, its first gain in 4 days, after earlier it slumped to 1-week low at $9,855. 

The total market cap of cryptocurrencies fell by $2 billion today, to $259 billion, with most of the major cryptos falling led by Bitcoin.

This drop in Bitcoin prices despite holding above the $10,000 barrier, is due to demand remaining weak as the market needs new catalyst to increase liquidity and attract new investors.

Otherwise, the ongoing US-China trade war is raising fears of economic recession, which was clear in a poll made by "eToro" which showed that 40% of millennials will start to invest in the crypto market, in case of a recession.

Whilst the two generations prior to the millennials are not confident in the crypto industry and chose real estate and commodities as their preferred investments.

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.