Investing.com

Investing.com - Bitcoin edged lower in rangebound trade on Wednesday, as speculators awaited the next catalyst to influence price direction.



Bitcoin (BTC-eUSD) held in a range between $627.12 and $654.13 on Slovenia-based BitStamp. Prices last traded at $630.93 during U.S. morning hours, down 2.03%, or $13.07.



The price of a Bitcoin on Bulgaria-based BTC-e retreated 1.51%, or $9.67, to trade at $632.63.



According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency declined 2.34% to trade at $634.58.



Bitcoin prices rallied towards the end of May as growing optimism over the outlook for the digital currency boosted prices. Bitcoin rose nearly 29% last month.



However, prices have since been trapped in rangebound trade as investors remained on the sidelines amid a lack of fresh trading cues.



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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