Investing.com - Bitcoin prices edged higher in rangebound trade on Wednesday, despite fresh indications China will take additional steps to crack down on transactions made using the virtual currency.
Bitcoin (BTC-eUSD) held in a tight range between $425.67 and $444.44 on Slovenia-based BitStamp. Prices last traded at $443.00 during U.S. morning hours, up 3.03%, or $13.01.
The price of a Bitcoin on Bulgaria-based BTC-e rose 2.54%, or $9.75, to trade at $428.01.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency advanced 2.66% to trade at $438.33.
Bitcoin prices have been on a downward trend in recent weeks as major Chinese banks break links from Bitcoin exchanges amid rising government regulations.
Bitcoin is digital cash for the internet and it 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.