Investing.com – Bitcoin edged lower in range bound trade on Thursday, as speculators awaited the next catalyst to influence price direction.
Bitcoin (BTC-eUSD) dipped 0.57%, or $3.51, on Slovenia-based BitStamp to trade at $617.47 during U.S. morning hours. Prices held in a narrow range between $615.34 and $623.00.
The price of a Bitcoin on Bulgaria-based BTC-e shed 0.24%, or $1.47, to trade at $610.74.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency eased down 0.57% to trade at $614.43.
Bitcoin prices have been consolidating in a narrow range ever since after hitting a peak 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.