Bitcoin continues to fall near 2-week low on weak demand

Bitcoin fell in spot trading today, to continuing its losses near a 2-week low, while heading for the first weekly loss in the last three weeks, due to weak demand.

At Bitstamp, Bitcoin fell by $415, or 4.1%, to $9,877, from the opening of $10,294, with a high of $10,410.

Bitcoin closed yesterday's session higher by 2.8%, in its first daily gain in the last 4 days, rebounding from a 2-week low at $9,467.

The market value of cryptocurrencies fell on Friday by more than $ 10 billion to a total of $ 259 billion, as the decline in most major currencies resumed in the market.

The total market cap of cryptocurrencies fell to a total of $253 billion, the lowest level since July 17th, as Bitcoin fell below the $10,000 barrier.

During this week, Bitcoin shed more than 15%, to mark its first weekly loss in the last 3 weeks, on weak demand levels after the recent progress in the US-China trade negotiations.

While on Tuesday, Trump’s administration decided to delay the decision to impose a 10% tariffs increase on Chinese imports worth $300 billion to mid-December instead of September 1st.

This decision is the US' concession in the trade war with China, which is a positive sign on a near trade deal between the two sides.

In addition to the weak demand, the crypto market is facing pressure after regulatory concerns in the US were renewed due to the SEC delayed the launch of 3 Bitcoin ETFs in the market.

The US Securities and Exchange Commission (SEC) delayed its decision on the launch Bitcoin ETFs offered by VanEck, Bitwise and Phoenix.

VanEck ETF has been postponed to October 18th, Bitwise to October 13th, and Phoenix to September 29th.

The SEC said that  that they need enough time to consider changing the rules proposed by these funds, to approve or reject them.

The SEC said that  that they need enough time to consider changing the rules proposed by these funds, to approve or reject them.

The postponement decision is the newest in a series of delays by the the SEC, which delayed its decision on VanEck and Bitwise in March and in May.