Bitcoin retreats for second straight day to near four-week trough

Bitcoin fell on Monday for another session to near four-week lows hit yesterday, amid mounting pressures on cryptocurrencies and weak investor demand. 

At Bitstamp, Bitcoin slipped 0.4%, or $15 to $3,522, with an intraday high at $3,549, and a low at $3,505. 

Bitcoin shed 3.9% on Sunday, the second loss in three days, plumbing four-week lows at $3,470. 

Market value of cryptocurrencies fell $2 billion on Monday to a total of $118 billion, the lowest since January 14. 

Cryptocurrencies are retreating amid increasing pressures on the market and lack of incentives to drive investor demand higher. 

The CBOE exchange CEO Edward Tilly said on Friday the crypto market needs the approval on listing Bitcoin exchange-traded funds by official authorities so that institutions feel encouraged to invest. 

Tilly believes the reasons financial authorities haven't approved these funds yet is their concerns investors can't yet be fully protected from manipulation in the nascent market.