Bitcoin gives up 2-week high on profit taking

Bitcoin fell in spot trading today, to surrender its 1-week peek hit earlier in the session on correction and profit taking, but the world's largest cryptocurrency is still on track for its first weekly gain in the last 5 weeks, thanks to strong investment demand.

At Bitstamp, Bitcoin fell by 2.7% or $233 to $8,356, from the opening of $8,589, with a high of $8,529 (the highest since September 24).  

Bitcoin stabilized without any significant change yesterday, after posted a daily gain by 5% in the previous day which is the biggest since September 2nd, thanks to high demand levels.

The total market cap of cryptocurrencies fell by $4 billion today, to $226 billion, due to increased profit-taking on Bitcoin while most other major cryptos fell.

Bitcoin gained more than 7% so far during this week, for its first weekly gain in the last 5 weeks, thanks to strong investment demand to exploit the low prices.

The world's largest cryptocurrency, Bitcoin, posted its best daily performance in 6 weeks on Wednesday, as demand levels surged, which was reflected in the huge jump of the Bitcoin futures trading volume on the Bakkt platform.

Bakkt’s BTC traded contracts reached 224 on Wednesday, the highest level since the launch of the platform, after it posted the previous day an all-time low of 25 BTC traded, to hit a 796% increase in Bitcoin trading volume.

Intercontinental Exchange Inc, owner of Bakkt, said that the platform has executed the first block trade of Bitcoin futures contracts between Galaxy Digital and XBTO on October 1st, which shows that the launch can accommodate large trades.

Otherwise, the US Securities and Exchange Commission (SEC) is set to announce its decision on the approval of the launch Bitcoin ETFs offered by Bitwise before October 13th.

Bitwise Research Director Matt Hogan said the approval of the launch of Bitcoin-ETFs will increase interest in the digital asset market, and stressed that he expects the SEC to approve the launch of Bitwise.