Investing.com - Bitcoin swung edged lower in rangebound trade on Monday, as speculators awaited the next catalyst to influence price direction.
BTC/USD fell 1.24%, or $7.87, on Slovenia-based BitStamp to trade at $627.13 during U.S. morning hours. Prices held in a tight range between $624.00 and $637.80.
The price of a Bitcoin on Bulgaria-based BTC-e dropped 1.37%, or $8.60, to trade at $621.40.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency slumped 1.21% to trade at $624.04.
Bitcoin prices have been well-supported in recent sessions after the U.S. Marshals Service auctioned nearly 30,000 bitcoins seized from the infamous online black market Silk Road on June 27.
Reports claimed that a single, undisclosed bidder bought all of the bitcoins sold in the auction. The cache is valued at more than $19 million.
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.