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Bitcoin edges lower in rangebound trade

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Investing.com -

Investing.com - Bitcoin edged lower in rangebound trade on Wednesday, as speculators awaited the next catalyst to influence price direction.

Bitcoin (BTC-eUSD) held in a range between $627.12 and $654.13 on Slovenia-based BitStamp. Prices last traded at $630.93 during U.S. morning hours, down 2.03%, or $13.07.

The price of a Bitcoin on Bulgaria-based BTC-e retreated 1.51%, or $9.67, to trade at $632.63.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency declined 2.34% to trade at $634.58.

Bitcoin prices rallied towards the end of May as growing optimism over the outlook for the digital currency boosted prices. Bitcoin rose nearly 29% last month.

However, prices have since been trapped in rangebound trade as investors remained on the sidelines amid a lack of fresh trading cues.

Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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