Bitcoin hits 2-week low, surrenders $10,000 mark again

Bitcoin fell in spot trading today below the $10,000 barrier, to extend losses for the 4th straight day to a two-week low, as haven demand on cryptos slowed, especially after the US-China trade war concerns eased, in addition to renewed regulatory concerns after the SEC delayed its decision on the launch of several Bitcoin ETFs.

At Bitstamp, Bitcoin shed $555, or 5.5%, to $9,467 (the lowest since July 30th) from the opening of $10,022, with a high of $10,203.

Bitcoin prices ended Wednesday down 7.7%, the third consecutive daily loss, the biggest daily loss since July 16, as open selling accelerated.

Yesterday, Bitcoin fell by 7.7%, its 3rd daily loss, and the largest daily loss since July 16th, on increased sell-off.

The total market cap of cryptocurrencies fell on today by about $14 billion to a total of $253 billion, the lowest level since July 17th, with most of the cryptocurrencies falling led by Bitcoin.

During last week, Bitcoin posted a 4-week high of $12,325, on increased safe-haven demand, after Chinese yuan sharply dropped amid the escalation of the trade war.

Whilst, Mike Novogratz, founder and CEO of Galaxy Digital, said that the volatility in the global economy and the geopolitical tensions have led Bitcoin to holding the current high levels.

Safe haven demand on Bitcoin fell after 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.

As 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.