Bitcoin edges lower as speculators await fresh catalyst

Bitcoin edges lower as speculators await fresh catalyst

By ,  July 17, 2014, 07:04:06 AM EDT – – Bitcoin edged lower in rangebound trade on Thursday, as speculators awaited the next catalyst to influence price direction.

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Bitcoin (BTC/USD) fell 0.68%, or $4.22, on Slovenia-based BitStamp to trade at $614.72 during U.S. morning hours. Prices held in a narrow range between $610.00 and $623.00.

The price of a Bitcoin on Bulgaria-based BTC-e shed 1.19%, or $7.29, to trade at $607.00.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency dipped 0.45% to trade at $612.43.

Bitcoin prices have been consolidating in a narrow range ever since after hitting a high of $658.75 on July 1.

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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