Bitcoin drops over 2% to near week lows

Bitcoin fell over 2% on Wednesday to near one-week lows after failing to pierce $4,000 yet again amid weak investment demand and lack of incentives to buy. 

At Bitstamp, Bitcoin shed $85, or 2.2% to $3,818, with an intraday high at $3,913, and a low at $3,774. 

Bitcoin rose 1.9% on Tuesday, the first profit in three days away from week lows at $3,730. 

Otherwise, Bloomberg reported that the NASDAQ Exchange is still planning to launch Bitcoin futures in the first quarter of next year despite the recent collapse in prices. 

It was also announced that Nasdaq is partnering up with investment firm VanEck to launch a host of crypto products, which would be transparent and regulated. 

Market value of cryptocurrencies fell $3 billion on Wednesday to a total of $124 billion. 

In the US, Congressman Warren Davidson announced plans to introduce legislature to regulate cryptocurrencies and Initial Coin Offerings (ICO). 

Davidson said the bill would introduce an "assert class" for cryptocurrencies in order to prevent them from being classified as securities. 

It's worth noting that the US Securities and Exchange Committee (SEC) treats most cryptocurrencies as securities, while the CFTC treats them as commodities.