Bitcoin drops for second straight day, hovers around $8,000

Bitcoin fell in spot trading today, to continue falling for the second straight day, to hit a 1-week low and head for giving up the $8,000 barrier, due to low investment demand, which is reflected in the decline of Bitcoin's dominance over the crypto market to almost 2-and-half-month low.

At Bitstamp, Bitcoin fell by 0.9% or $73 to $8,089, from the opening of $8,162, with a session-high of $8,179.  

Bitcoin shed 2.5% yesterday, its second daily loss in 3 days due to mounting concerns over the regulatory restrictions in the US market.

The total market cap of cryptocurrencies fell by more than $1 billion today, to around $221 billion, as Bitcoin and most other major cryptos continued to drop.

Bitcoin's dominance over the crypto market trading fell today to 66.25%, its lowest in almost 2 and a half months, which signals a decline of investment demand on the world's largest cryptocurrency.

The US Securities and Exchange Commission (SEC) announced on October 9 its rejection of listing the Bitcoin ETFs offered by Bitwise.

The federal commission stated that the fund did not meet the listing requirements, while Bitwise said it will apply again.

Crypto experts interpreted this decision as a potential first step for rejecting other funds, which diminished the high hopes for the approval of this type of funds in order to increase interest in investing in digital assets.

Similarly, the SEC once again begun accepting public comments on the Bitcoin ETF proposed by Phoenix.

Phoenix filed an amendment to its ETF application due to the latest circumstances, according to the official report published on 15 October.

Otherwise, the G7 countries issued a report that touched the risks associated with cryptocurrencies, the report said "no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed".

Which made matters worse for Facebook's upcoming digital project "Libra", scheduled to launch in the first half of 2020.