Bitcoin edges lower in narrow range amid lack of catalyst – Bitcoin prices declined in subdued trade on Tuesday, with further losses seen ahead amid bearish chart signals.
Bitcoin (BTC/USD) dipped $1.11, or 0.51%, to trade at $218.31 on Bitfinex during U.S. morning hours.
The price of a bitcoin on Slovenia-based BitStamp shed 17 cents, or 0.08%, to trade at $219.10, while prices on Bulgaria-based BTC-e inched up 36 cents, or 0.17%, to trade at $215.86.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency eased down 98 cents, or 0.45%, to trade at $218.51.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) advanced €0.10, or 0.05%, to trade at €194.90 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China retreated 3.72 yuan, or 0.27%, to trade at 1,360.52 yuan, while prices on Beijing-based OKCoin sank 1.56 yuan, or 0.11%, to trade at 1,360.74 yuan.
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’s market cap has been on a steady decline in recent months, even as the virtual currency has been getting more popular with merchants and retailers, including PayPal, Expedia, and Dell.