Bitcoin tries to rebound from 1-week low, holds above $8,000

Bitcoin spot price rose on Thursday, for the first time in the last 3 days, as it tries to recover from a 1-week low it hit yesterday, to hold above the $8,000 barrier, however, the market sentiment remains negative, which is reflected in feeble demand levels and the decline of Bitcoin's dominance over the crypto market to its lowest level in 2 and a half months.

At Bitstamp, Bitcoin rose by 0.9% or $78 to $8,073, from the opening of $7,995, with an intraday nadir of $7,936.  

Bitcoin shed 2% yesterday, in its second straight daily loss, to slump a 1-week low of $7,912 due to weak investment demand.

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The total market cap of cryptocurrencies rose by more than $3 billion today, to around $220 billion, as Bitcoin rebounded in addition to Ethereum and Ripple rising .

In the latest signs of the sharp drop in investment demand on Bitcoin, its dominance over the crypto market trading fell today to (2-and-half-month trough) of 66.15%.

The regulatory restrictions facing the upcoming digital projects of Facebook and Telegram have also negatively affected crypto market sentiment, in addition to the recent SEC rejection of Bitwise Bitcoin ETF proposal.