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Bitcoin remains below $500 in rangebound trade

ForexSep 03, 2014 07:40AM ET
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Bitcoin trades below $500

Investing.com - Bitcoin prices remained below the key $500-level on Wednesday, as market players were reluctant to open new positions while awaiting the next catalyst to influence price direction.

Bitcoin (BTC/USD) declined 0.73%, or $3.50, on Slovenia-based BitStamp to trade at $476.00 during U.S. morning hours. Prices traded in a narrow range between $472.11 and $484.61.

Bitcoin prices fell to $470.42 on Tuesday, the lowest since August 20.

Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e shed 0.63%, or $3.00, to trade at $473.00.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency tacked on 0.16% to trade at $476.10.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) inched up 0.76%, or €2.73, to trade at €363.91 on U.S.-based Kraken Exchange.

Sentiment has been shaky in recent weeks, with market analysts blaming a number of factors, including a recent U.S. government report that highlights the risks associated with virtual currencies, New York's BitLicense proposals, and the introduction of new sophisticated trading techniques.

A number of traders and market participants also attributed the recent decline to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.

Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

Bitcoin remains below $500 in rangebound trade
 

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