Bitcoin drops below $8,000 barrier

Bitcoin fell on spot trading today, continuing its losses for the third consecutive day, due to the negative atmosphere that surrounded Bitcoin's trading after it fell off the $8000 barrier, with the market being in need of positive momentum, to erase the impact of recent regulatory decisions in the United States.

As of 08:25 GMT, at Bitstamp, Bitcoin is trading around $7,910, down by $39, or 0.50%, from the opening price of $7,949, with the highest at $8,029, and the lowest at $7,850.

Yesterday, Bitcoin lost 0.7%, in its second consecutive daily loss, due to the slowing demand for the world's largest cryptocurrency.

The total value of cryptocurrencies in the market fell on Wednesday by about $2 billion to a total of $248.5 billion, as most of the major currencies prices fell. 

The dominance of Bitcoin over the crypto trading fell from 60.52% last week, which was the highest level since April 2017, to about 56% this week, in a sign of a fall in demand level of the leading cryptocurrency "Bitcoin".

Currently, the crypto market needs positive momentum, to drive up the demand levels and erase the impact of the recent regulatory decisions in the United States, the world's largest crypto market.

In the United States, the Securities and Exchange Commission SEC has postponed its decision again on the approval of the inclusion and trading of VanEck/SolidX ETF proposal according to an official report issued by the committee on May 20th.

The postponement decision allows the regulator to gather the more information and opinions before the final decision is issued within 90 days on August 19th, as the entity needs further clarification on how to protect investors from fraudulent and manipulation practices.

Last week, the commission has postponed its decision again on the approval of the inclusion and trading of the Bitwise exchange-traded fund (ETF).

Brian Kelly, a prominent cryptocurrency analyst at CNBC, predicted the rebound in prices again over $8,000 and recording new highs this year.

Kelly attributed this expectation to the growing interest by the institutional investors interested in the offers from the US financial investment giant Fidelity, as well as the possibility of retailers entering the market now through TD Ameritrade.