Investing.com – Bitcoin continued to trade around the $6,000 mark as traders remained in wait-and-see mode amid a lack of meaningful data to determine direction.
Bitcoin fell 0.97% to $6,077.0 on the Bitfinex exchange, after hitting a session high of $6,192.7.
Bitcoin barely moved, trading in a narrow $140 range, as interest in trading the popular crypto appears to be on the wane, reducing the prospect of meaningful moves in either direction.
While there appears to be no single reason for the demise in the popular crypto, negative remarks on cryptos continue to sour sentiment.
Cryptocurrencies are highly volatile, vulnerable to fraud and may give rise to “reputational risks” for businesses that get involved with the assets, warned the the deputy governor of the Bank of England in a letter to banks, insurers and investors.
Bitcoin trading volumes on the bitfinex exchange look set to post a fourth-straight monthly decline, averaging around 644,000 contracts so far this month, that is well below the 2.3 million contracts traded at the peak in December, when bitcoin soared to a record $20,000.
Falling trading activity in bitcoin has seen the total crypto market cap continue to drop – a sign of falling demand.
The total market cap of cryptocurrencies fell to about $244 billion, at the time of writing, from $248 billion on Wednesday, as traders fled holdings of other large-cap cryptos.
Ripple XRP fell 3.03% to $0.45557 on the Poloniex exchange, while Ethereum fell 0.48% to $432.60.
Bitcoin Cash fell 4.06% to $681.00, while Litecoin fell 2.84% to $77.77.