Bitcoin slips for first day in 4, waiting for positive catalysts

Bitcoin fell in spot trading today, to resume its losses after its 3 days of recovery attempts from a 3-month low, as the largest cryptocurrency is currently in need of more positive catalysts to push prices up in order to continue the upward performance.

At Bitstamp, Bitcoin fell by 1.5% or $126 to $8,251, from the opening of $8,377, with a high of $8,419.  

Yesterday Bitcoin rose by 0.7%, its third daily gain due to its recovery attempts from a 3-month low of $7,714.

The total market cap of cryptocurrencies fell by $2 billion today, to $218 billion, as Bitcoin and other major cryptocurrencies returned to fall.

Bitcoin's recovery has stopped at $8,500, which is nearly a 1-week high, as the cryptocurrency is currently in need of more positive catalysts to push prices in order to continue the upward performance.

A research report by Binance suggested that the disappointing trading volume after Bakkt’s launch maybe a primary factor behind the recent drop for Bitcoin, due to the lukewarm and unexpected launch for the long-awaited platform.

CME said it has no plans to launch Bitcoin futures and confirmed that its clients are currently demanding more options for the futures, which it plans to list in Q1 2020, after the regulatory approvals.

Indian news reports showed that Bithumb intends to partner with local bitcoin exchanges in the country to establish a regulated cryptocurrency exchange in India.

Javier Sim, co-founder of Bithumb commented on the report “We are open to talking to regulators, working with them to be a regulated exchange. We are a strong brand from Korea and do not involve ourselves in unregulated or illegal trade.”

Bithumb also intends to provide capital for local cryptocurrency operations in India in addition to contributing to the Indian economy, and if it succeeded  India will join Singapore in the platform expansion plan.