Bitcoin falls 1% in subdued trade


Bitcoin edges lower in rangebound tradeBitcoin edges lower in rangebound trade – Bitcoin declined in subdued trade on Wednesday, as speculators awaited the next catalyst to influence price direction.

Bitcoin (BTC/USD) fell 1.04%, or $6.49, on Slovenia-based BitStamp to trade at $618.96 during U.S. morning hours. Prices held in a narrow range between $617.93 and $626.88.

The price of a Bitcoin on Bulgaria-based BTC-e shed 0.77%, or $4.79, to trade at $613.72.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency dipped 0.23% to trade at $618.80.

Bitcoin prices have been well-supported in recent sessions after the U.S. Marshals Service auctioned nearly 30,000 bitcoins seized from the infamous online black market Silk Road on June 27.

Reports claimed that a single, undisclosed bidder bought all of the bitcoins sold in the auction. The cache is valued at more than $19 million.

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.

Source By Breaking News Website | BreakingNews.WS