Bitcoin down 2% in quiet trade, further losses seen ahead

Investing.com - Bitcoin prices declined in subdued trade on Tuesday, with further losses seen ahead amid bearish chart signals.

Bitcoin (BTC/USD) fell to a session low of $215.00 on Slovenia-based BitStamp, the weakest level since February 6, before trading at $216.89 during U.S. morning hours, down $4.78, or 2.16%.

The price of a bitcoin on Bulgaria-based BTC-e slumped $7.06, or 3.19%, to trade at $214.09, while prices on Singapore-based itBit declined $3.71, or 1.69%, to trade at $215.76.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency shed $3.41, or 1.55%, to trade at $216.77.

Meanwhile, euro-denominated Bitcoin prices Bitcoin (BTC/EUR) dropped €2.84, or 1.46%, to trade at €191.88 on U.S.-based Kraken Exchange.

Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China retreated 21.71 yuan, or 1.56%, to trade at 1,347.47 yuan, while prices on Beijing-based OKCoinsank 27.79 yuan, or 2.02%, to trade at 1,348.71 yuan.

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.

Bitcoin’s market cap has been on a steady decline in recent months, even as the virtual currency has been getting more popular with merchants and retailers, including PayPal, Expedia, Overstock.com and Dell.