Bitcoin hovers around $10,000 as demand remains weak

Bitcoin fell in spot trading today, to resume its losses which were suspended yesterday when it rebounded from 3-week low, to hover around the $10,000 barrier again, as demand remained weak as the market still needs more catalysts to increase liquidity.  

At Bitstamp, Bitcoin fell by 1.3% or $133 to $10,151, from the opening of $10,284, with a high of $10,308. 

Yesterday, Bitcoin rose by 1.2%, its first gain in the last 7 days after it fell to a 3-week low of $9,600.

The total market cap of cryptocurrencies fell by $3 billion today, to $270 billion, due to Bitcoin and other sharp major cryptocurrencies drop.

Demand on Bitcoin declined in favor of other major cryptocurrencies, especially Ethereum and Ripple, which is evident in the fall of Bitcoin's lead over the market's trading to the lowest level since early August at 67%.

Bitcoin prices are currently hovering around the $10,000 barrier again, as demand remains weak as the market still needs more catalysts to increase liquidity and momentum.  

During this week, Google searches for "BTC" hit the lowest in 4 months, with the spread of fatigue in the market.

Google Trends data confirmed that the term "Bitcoin" is less common now than at any time since the end of April.

Tim Draper, the US billionaire investor said that his target is $250,000 for Bitcoin by 2023 is subject to change, as at this price Bitcoin will only get about 5% of its market share, which could reduce its importance, while with the increasing adoption of Bitcoin among the masses, the price will rise.

Chicago Board Options Exchange (CBOE) has withdrawn its application from the US Securities and Exchange Commission (SEC) for the listing and trading of Bitcoin's ETFs by VanEck and SolidX. 

Which has increased uncertainty about the future of Bitcoin ETFs in the US, especially after the SEC postponed its decision more than once for those funds during this year.

The SEC said that they need more time to consider changing the rules proposed by these funds and to approve or reject them.

Chairman of the SEC, Jay Clayton, said that despite important steps taken to address regulatory concerns about the Bitcoin ETF, there is still work to be done, As the final decision by the SEC on the offering of Bitcoin ETFs submitted by several companies is scheduled for next October.