While cryptocurrency markets have received some regulatory updates this week, the widespread uncertainty surrounding how government agencies will treat these assets going forward has hindered Bitcoin trading, reducing volumes and clamping down on volatility.
As a result, the world's largest digital currency by volume has traded within a relatively modest range, fluctuating primarily between $7,400 and $7,800, CoinDesk Bitcoin Price Index (BPI) figures reveal.
Bitcoin reached an intra-week high of $7,768.93 on June 3, after falling to as little as $7,392.25 on June 1, additional BPI data shows.
Several analysts spoke to the relative calm in Bitcoin prices, emphasizing that this general malaise was a symptom experienced by the broader cryptocurrency markets.
Crypto Trading 'Suppressed'
"It seems that a lot of activity has been suppressed," said Marshall Swatt, founder & president of Swatt Exchange, emphasizing that digital token sales are having the same experience.
Leveraged trading appears to have declined lately, emphasized Mati Greenspan, senior market analyst for social trading platform eToro.